International DEBT Statistics
2018
International Debt Statistics 2018
Table of Contents
Preface iv
Acknowledgments v
User Guide to Tables vi
User Guide to IDS Online Tables viii How to Access IDS Online Country Tables ix Indicators x How to Use the DataBank xii
PART I: Overview 1
Introduction 3 Aggregate Financial Flows to Low- and Middle-Income Countries, Trend in 2016 4 Trends in Debt Stocks 2016 5 Trends in Debt Flows 2016 6 Trends in Equity Flows 2016 8 Box 1 Non-Traditional Lenders Drive the Surge in Flows from Official Creditors 9
PART II: Tables 11 External debt stock 12 Major economic aggregate 16 Net debt inflows 16 Equity inflows 16 Distribution of long term debt stock 20 Distribution of long term disbursement 20 Distribution of long term principal payments 24 Distribution of long term interest payments 24
Appendix: About the Data 27
Data Sources and Methodology 27 Data Sources 28 Methodology 29 External Debt and Its Components 30 Data Documentation 35 Sources of the Macroeconomic Indicators 32 Country Groups 43 Income Groups 44 Glossary 45
iii INTERNATIONAL DEBT STATISTICS 2018
Preface
his year’s edition of International Debt By providing comprehensive and timely data TStatistics, successor to Global Development that reflects the latest additions and revisions, Finance and World Debt Tables, is designed to and by expanding the scope of the data available respond to user demand for timely, comprehensive online, we aim to serve the needs of our users data on trends in external debt in low- and mid- and to reach a wider audience. Improvements dle-income countries. The World Bank’s Debtor in data dissemination are matched with ongo- Reporting System (DRS), from which the aggre- ing efforts to improve the quality and time- gate and country tables presented in this report liness of data collection. In partnership with are drawn, was established in 1951. World Debt the major providers of debt data management Tables, the first publication that included DRS systems to low- and middle-income countries, external debt data, appeared in 1973 and gained the Commonwealth Secretariat (COMSEC) and increased attention during the debt crisis of the the United Nations Conference on Trade and 1980s. Since then, the publication and data have Development (UNCTAD), we are working toward undergone numerous revisions and iterations to an established standard code and a set of system address the challenges and demands posed by the links that will enable countries to provide their global economic conditions. DRS reports electronically in a seamless and auto- Presentation of and access to data have been mated data exchange process. refined to improve the user experience. The online As these changes take place, we welcome your edition of International Debt Statistics 2018 now feedback and suggestions for further improve- provides a summary overview and a select set of ments at [email protected]. indicators, while an expanded dataset is available online (datatopics.worldbank.org /debt/ids). Haishan Fu Director, Development Data Group
iv Acknowledgments
This volume was prepared by the Financial Data reviewed the data tables. The work was carried Team of the Development Data Group (DECDG), out under the direction of Haishan Fu. Valuable led by Evis Rucaj under the management of Grant input was provided by the Vice Presidency, Devel- Cameron and comprising Arzu Aytekin Balibek, opmental Economics, and from the Chief Econo- Karla Mirari Yee Amezaga, Peter Bourke, Bidisha mist, Operations and Strategy department. Das, Qingze Jia, Cynthia Nyanchama Nyakeri, International Debt Statistics electronic prod- Malvina Pollock, Sun Hwa Song, Rubena Sukaj, ucts were prepared by a team led by Malarvizhi Rasiel Vellos, and Alagiriswamy Venkatesan, who Veerappan comprising Ramgopal Erabelly, worked closely with other teams in DECDG. The Karthik Krishnamoorthy, and Ugendran team was assisted by Christelle Kouame. The over- Machakkalai. The production and publication view of current developments was prepared by of this edition was managed by Tariq Khokhar Malvina Pollock, and Evis Rucaj in consultation amd Jomo Tariku. The cover was designed by with the staff of DECDG; country economists Jomo Tariku.
v INTERNATIONAL DEBT STATISTICS 2018
User Guide to Tables
International Debt Statistics 2018 focuses on considerable margin of error. The usual care must financial flows, trends in external debt, and other be taken in interpreting the ratios, particularly for major financial indicators for low-, and middle- the most recent years, because figures may be pre- income countries. This edition of International liminary and subject to revision. Debt Statistics (IDS) has been reconfigured to Specific country notes describing the offer a more condensed presentation of the prin- sources of information which are not provided cipal indicators. The longer version of the report by the country are summarized in the “Data will be found in the online tables. Documentation” section. Unless otherwise speci- fied, data on long-term public and publicly guar- anteed external debt for 2016 are based on reports provided by the country. Aggregate Tables More detailed information on data sources, The aggregate table contains 38 indicators by methodology, and compilation is provided in the countries and six regional groups (East Asia and appendix at the back of this book. Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, and Sub-Saharan Africa) and by income classification. Aggregate Measures for Income Full time series data are available for Groups and Regions all countries in the World Bank’s debt por- Aggregate measures for income groups and tal (http://data.worldbank.org/data-catalog/ regions include the 123 low- and middle-income international-debt-statistics). countries that report public and publicly guar- anteed external debt to the World Bank’s DRS, whenever data are available. The aggregate “All low- and middle-income countries” is the sum of Statistics data for 123 countries. The general cutoff date for countries to report data for this publication was end-August 2017. The economic aggregates presented in the tables are prepared for the convenience of users. Although Classification of Countries debt ratios can give useful information about For operational and analytical purposes, the World developments in a debt-servicing capacity, con- Bank’s main criterion for classifying countries is clusions drawn from them will not be valid unless gross national income (GNI) per capita (calculated accompanied by careful economic evaluation. by the World Bank Atlas method). Every country The macroeconomic data provided are is classified as low-income, middle-income, or collected from national statistical organiza- high-income. Low- and middle-income countries tions, which in some cases may be subject to a are sometimes referred to as developing countries.
vi The term is used for convenience; it is not intended Symbols to imply that all countries in the group are experi- 0 or 0.0 means zero or small enough that the encing similar development or that other countries number would round to zero at the displayed have reached a preferred or final stage of develop- number of decimal places. ment. Because GNI per capita changes over time, .. means that data are not available or that aggre- the country composition of income groups may gates cannot be calculated because of missing change from one edition of International Debt data in the years shown. Statistics to the next. Once the classification is $ indicates current U.S. dollars unless otherwise fixed for an edition, based on GNI per capita in specified. the most recent year for which data are available, all historical data presented are based on the same country grouping.
vii INTERNATIONAL DEBT STATISTICS 2018
User Guide to IDS Online Tables
he country tables that were previously avail- Users can access all the online tables, down- Table in the International Debt Statistics print load the PDF version of the publication, and view edition is now available online. Using an auto- the report as an eBook on ISSUU, as well as access mated query process, these reference tables will be the database and download the archived editions updated based on the revisions to the International of the publication by going to http://data.world- Debt Statistics database. bank.org/products/ids.
viii How to Access IDS Online Country use the URL http://datatopics.worldbank.org/debt/ Tables ids/ and the country code (for example, http:// To access the IDS online tables, visit http:// datatopics. worldbank .org/debt/ids/country/DZA datatopics.worldbank.org/debt/ids and select from to view the table for Algeria). Similarly, to view “Country,” “Region,” or “Topic” options. the regional table, click on the “Region” tab and To access a specific country table directly select one of the listed regions (for example http:// without going through the above landing page, datatopics . worldbank.org/debt/ids /region/SAS to view the table for South Asia).
ix INTERNATIONAL DEBT STATISTICS 2018
Indicators code at the end of the url; for example, to view a The indicator codes for each of the indicators page for total debt stocks, this line should be in online and in the publication are listed below. To your browser: http://data.worldbank.org/indica- view a specific indicator online, go to http://data. tor/DT.DOD.DECT.CD. worldbank.org/indicator/ and add the indicator
1. SUMMARY EXTERNAL DEBT DATA
External debt stocks DT.DOD.DECT.CD External debt flows Long-term external debt DT.DOD.DLXF.CD Disbursements DT.DIS.DLTF.CD Public and publicly guaranteed DT.DOD.DPPG.CD Long-term external debt DT.DIS.DLXF.CD Private nonguaranteed DT.DOD.DPNG.CD IMF purchases DT.DIS.DIMF.CD Use of IMF credit DT.DOD.DIMF.CD Principal repayments DT.AMT.DLTF.CD Short-term debt DT.DOD.DSTC.CD Long-term external debt DT.AMT.DLXF.CD interest arrears on long-term DT.IXA.DPPG.CD IMF repurchases DT.AMT.DIMF.CD Net flows DT.NFL.DECT.CD Long-term external debt DT.NFL.DLXF.CD Memorandum items Short-term external debt DT.NFL.DSTC.CD Principal arrears on long-term DT.AXA.DPPG.CD Interest payments (INT) DT.INT.DECT.CD Long-term public sector debt DT.DOD.DPPG.CD Long-term external debt DT.INT.DLXF.CD Long-term private sector debt DT.DOD.PRVS.CD IMF charges DT.INT.DIMF.CD Public & publicly guaranteed commitments DT.COM.DPPG.CD Short-term external debt DT.INT.DSTC.CD
2. OTHER NON-DEBT RESOURCE FLOWS 5. MAJOR ECONOMIC AGGREGATES
Foreign direct investment (net equity inflows) BX.KLT.DINV.CD.WD Gross national income (GNI) NY.GNP.MKTP.CD Portfolio equity flows BX.PEF.TOTL.CD.WD Exports of goods, services, and primary income BX.GSR.TOTL.CD Personal transfers and compensation of 3. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY employees BX.TRF.PWKR.CD.DT GUARANTEED DEBT (%) Imports of goods, services, and primary Euro DT.CUR.EURO.ZS income BM.GSR.TOTL.CD Japanese yen DT.CUR.JYEN.ZS Primary income on FDI (payments) BX.KLT.DREM.CD.DT Pound sterling DT.CUR.UKPS.ZS International reserves FI.RES.TOTL.CD Swiss franc DT.CUR.SWFR.ZS U.S. dollars DT.CUR.USDL.ZS
4. AVERAGE TERMS OF NEW COMMITMENTS 6. RATIOS
Official creditors External debt stocks to exports (%) DT.DOD.DECT.EX.ZS Interest (%) DT.INR.OFFT External debt stocks to GNI (%) DT.DOD.DECT.GN.ZS Maturity (years) DT.MAT.OFFT Debt service to exports (%) DOD.DECT.GN.ZS Grace period (years) DT.GPA.OFFT Short-term to external debt stocks (%) DT.DOD.DSTC.ZS Private creditors Multilateral to external debt stocks (%) DT.DOD.MLAT.ZS Interest (%) DT.INR.PRVT Reserves to external debt stocks (%) FI.RES.TOTL.DT.ZS Maturity (years) DT.MAT.PRVT Current account balance BN.CAB.XOKA.CD Grace period (years) DT.GPA.PRVT Reserves to imports (months) FI.RES.TOTL.MO
x USER GUIDE TO IDS ONLINE TABLES
7. LONG-TERM EXTERNAL DEBT
Debt outstanding and disbursed DT.DOD.DLXF.CD Interest payments DT.INT.DLXF.CD Public and publicly guaranteed DT.DOD.DPPG.CD Public and publicly guaranteed DT.INT.DPPG.CD Official creditors DT.DOD.OFFT.CD Official creditors DT.INT.OFFT.CD Multilateral DT.DOD.MLAT.CD Multilateral DT.INT.MLAT.CD of which: IBRD DT.DOD.MIBR.CD of which: IBRD DT.INT.MIBR.CD IDA DT.DOD.MIDA.CD IDA DT.INT.MIDA.CD Bilateral DT.DOD.BLAT.CD Bilateral DT.INT.BLAT.CD Private creditors DT.DOD.PRVT.CD Private creditors DT.INT.PRVT.CD of which: Bonds DT.DOD.PBND.CD of which: Bonds DT.INT.PBND.CD Commercial banks DT.DOD.PCBK.CD Commercial banks DT.INT.PCBK.CD Private nonguaranteed DT.DOD.DPNG.CD Private nonguaranteed DT.INT.DPNG.CD of which: Bonds DT.DOD.PNGB.CD of which: Bonds DT.INT.PNGB.CD
Disbursements DT.DIS.DLXF.CD Principal repayments DT.AMT.DLXF.CD Public and publicly guaranteed DT.DIS.DPPG.CD Public and publicly guaranteed DT.AMT.DPPG.CD Official creditors DT.DIS.OFFT.CD Official creditors DT.AMT.OFFT.CD Multilateral DT.DIS.MLAT.CD Multilateral DT.AMT.MLAT.CD of which: IBRD DT.DIS.MIBR.CD of which: IBRD DT.AMT.MIBR.CD IDA DT.DIS.MIDA.CD IDA DT.AMT.MIDA.CD Bilateral DT.DIS.BLAT.CD Bilateral DT.AMT.BLAT.CD Private creditors DT.DIS.PRVT.CD Private creditors DT.AMT.PRVT.CD of which: Bonds DT.DIS.PBND.CD of which: Bonds DT.AMT.PBND.CD Commercial banks DT.DIS.PCBK.CD Commercial banks DT.AMT.PCBK.CD Private nonguaranteed DT.DIS.DPNG.CD Private nonguaranteed DT.AMT.DPNG.CD of which: Bonds DT.DIS.PNGB.CD of which: Bonds DT.AMT.PNGB.CD
10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM 8. DEBT STOCK-FLOW RECONCILATION EXTERNAL DEBT
Total change in external debt stocks DT.DOD.DECT.CD.CG Official creditors Net flows on external debt DT.NFL.DECT.CD Principal DT.AMT.OFFT.CD Interest DT.INT.OFFT.CD 9. DEBT STOCK-FLOW RECONCILATION Private creditors Principal DT.AMT.PRVT.CD Total amount rescheduled DT.DXR.DPPG.CD Interest DT.INT.PRVT.CD Total amount forgiven DT.DFR.DPPG.CD Debt buyback DT.DSB.DPPG.CD
xi INTERNATIONAL DEBT STATISTICS 2018
How to Use the DataBank Actions DataBank (http://databank.worldbank.org) is Click to share the table using either the an online web resource that provides simple and embed code or the URL quick access to collections of time series data. It has advanced functions for selecting and display- Click to edit and revise the table in Data- ing data, per-forming customized queries, down- Bank loading data, and creating charts and maps. Users can create dynamic, custom reports based on their Click to export all metadata to Excel selection of countries, indicators, and years. All these reports can be easily edited, shared, and Click to export the table to Excel embedded as widgets on websites or blogs. For more information, see http://databank.world- Click to export the table and correspond- bank.org/help. ing indicator metadata to PDF
Click to print the table and corresponding indicator metadata
Click to access the IDS Online Tables Help file
xii PART I Overview
Introduction
nternational Debt Statistics 2018 presents statistics address the challenges posed by global economic con- Iand analysis on the external debt and financial ditions and in response to user demands. flows (debt and equity) of low- and middle-income Improvements in data dissemination have been countries for 2016. matched with ongoing efforts to improve the quality This year’s edition of International Debt and timeliness of data collection. International Debt Statistics, is redesigned to better serve the needs of Statistics 2018 is published two months ahead of our users, to respond to demands for timely access to prior editions and six months earlier than Global comprehensive data on trends in external debt of Development Finance. low- and middle-income countries and make them International Debt Statistics 2018 presents com- available to a wide audience. This edition features a prehensive stock and flow data for 123 low- and short overview presenting key trends, and summary middle-income countries and for regional and analyt- tables of selected indicators. A comprehensive and ical groupings. The data include Borrower composi- expanded dataset for individual countries, and tion - Public and publicly guaranteed debt owed by, regional and income aggregates, is available online, or guaranteed by, the government; Private non-guar- earlier than ever before, at: http://datatopics.world- anteed debt owed by private sector borrowers; bank.org/debt/ids/ Creditor composition - Official bilateral and multi- To complement International Debt Statistics lateral creditors; Private creditors, including banks, 2018, analyses of developments in external debt will bondholders, suppliers’ credits, and other private be presented over the course of the coming year in a entities; and Loan terms and conditions - volume, series of online bulletins. The primary sources for maturity, and interest rate for publicly and publicly analyses in the online bulletin will be data on debt guaranteed loans. Additionally, it provides informa- stocks and debt-related transactions (gross disburse- tion on debt indicators, measured in relation to mac- ments, principal and interest payments) for low- and roeconomic variables including Gross National middle-income countries captured through the Income (GNI) and export receipts from goods, ser- World Bank’s Debtor Reporting System (DRS), but vices, and primary income. they will also draw from the high-frequency, quar- terly, external, and public debt statistics captured The main messages from International Debt Statistics through the Quarterly External Public Debt 2018 are: Statistics (QEDS) and quarterly Public-Sector Debt Statistics (PSDS) databases. QEDS and PSDS both • Net financial (debt and equity) flows to low- and include data for high-income countries as for well as middle-income countries rebounded in 2016. Net low- and middle-income countries. financial inflows rose to $773 billion, a more than The World Bank’s DRS, the primary data source threefold increase over their 2015 level but still for the aggregate and country data presented in down markedly from the comparable figure for International Debt Statistics was established in 1951. 2012–2014. Renewed net long-term debt inflows World Debt Tables, the first publication that included (loan disbursements minus principal payments), DRS external debt data, was launched in 1973 and which climbed to $264 billion, and a reversal in gained increased attention during the debt crisis of short-term debt flows, drove the rebound and off- the 1980s. Since then, the publication and data have set a 6 percent fall in net equity inflows. gone through numerous revisions and iterations to
3 INTERNATIONAL DEBT STATISTICS 2018
• External debt stocks rose moderately (4.1 per- financial flows to low- and middle-income coun- cent) in 2016 but external debt ratios are on a tries Foreign Direct Investment (FDI) proved not deteriorating trajectory. Although the average to be immune to adverse developments in the ratio of 2016 external debt-to-GNI and to export global economy. It fell 10 percent in 2016 to $481 earnings for low- and middle-income countries billion, a level not seen since 2009. remains moderate, 26 percent and 107 percent, respectively, there is wide divergence: 25 percent of low- and middle-income countries had a ratio of external debt-to-GNI above 60 percent at end Aggregate Financial Flows to Low- 2016 and in 44 percent of countries the debt-to- and Middle-Income Countries, Trend exports ratio surpassed 150 percent. in 2016
• The rebound in net debt inflows to low- and Net financial flows to low- and middle-income coun- middle-income countries in 2016 did not extend tries rose in 2016 to $773 billion, a more than three- to IDA-only countries. Net debt inflows to IDA- fold increase over their 2015 level but still down only countries fell 34 percent in 2016 to $17.6 markedly from the comparable figure for 2012– billion, their lowest level since 2011, driven by 2014. The 2016 rebound was driven entirely by a downturn in inflows from bilateral creditors, renewed net debt flows, which climbed by $542 bil- stagnating multilateral inflows, and a collapse in lion to $248 billion, a marked turnaround from the inflows from private creditors. $294 billion contraction recorded in 2015. In con- trast, net equity inflows declined by 6 percent reflect- • New loan commitments from bilateral creditors ing the first decline in FDI in 7 years. more than doubled in 2016 to $84 billion. The Net portfolio equity inflows ended the year at surge in new bilateral loan commitments was $44 billion, nearly double their 2015 level, but failed driven by financing from other low- and mid- to offset the downturn in foreign direct investment. dle-income countries, primarily the BRICs and China accounted for around 31 percent of aggregate notably China in the context of the ‘One Belt One financial flows in 2016 with other low- and middle- Road’ initiative, launched in 2013, to build an income countries receiving $536 billion, an increase integrated international economic corridor. of 24 percent over 2015 with net debt inflows dou- bling to $194 billion while net equity inflows rose by • FDI contracted for the first time in seven years. 3 percent. Traditionally, the least volatile of external
Figure O.1 Net Financial Flows to Low- and Middle- Figure O.2 Net Financial Flows to China, 2010–2016 Income Countries, excluding China, 2010–2016 $ billion $ billion
1,000 800
800 600
400 600
200 400 0
200 -200
0 -400 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016
Net financial flows Net equity flows Net debt flows Net financial flows Net equity flows Net debt flows
Sources: World Bank Debtor Reporting System, International Sources: World Bank Debtor Reporting System, International Monetary Fund, and Bank for International Settlements. Monetary Fund, and Bank for International Settlements.
4 O V E R V I E W
Trends in Debt Stocks 2016 The composition of external long-term debt stock, viewed from the borrower perspective was External debt stock posts a moderate increase unchanged, with public and publicly guaranteed debt accounting for 51 percent and private non-guaran- The total external debt outstanding of low- and mid- teed debt 49 percent, a consistent pattern over the dle-income countries rose 4.1 percent in 2016 to $6.9 past five years. Short-term debt, as a share of total trillion. This marked a return to the upward trajec- external debt outstanding, was 25 percent, down tory that has characterized the external debt of this marginally from 2015, but unchanged in relation to group of countries throughout the past decade, inter- low- and middle-income countries’ imports (25 per- rupted only by the slight contraction in 2015. The cent): short-term debt is primarily trade-related. rise was driven by a combination of net debt inflows Risks associated with short-term debt were mitigated of $248 billion and year-on-year exchange rate by international reserves, which were, on average, 81 adjustments in relation to the U.S. dollar (more than percent of external debt stocks for the same period. half the debt of low- and middle-income countries is denominated in currencies other than U.S. dollars). Short-term debt stocks were virtually static, ending Many low- and middle-income countries are the year at much the same level as 2015, with the experiencing a deterioration in debt indicators upturn driven by long-term debt inflows. Public and On average, the external debt burden of low- and publicly guaranteed debt and private non-guaranteed middle-income countries remained moderate. The debt rose in tandem, posting gains of 5 percent and ratio of external debt to GNI averaged 26 percent at 6.8 percent, respectively. But China, which accounted the end of 2016, only marginally above the prior year for 21 percent of the combined external debt stock of average of 25 percent. The ratio of external debt to low- and middle-income countries at the end of exports breeched 100 percent, rising to an average of 2016, drove the trend. External debt stocks to low- 107 percent, up from 98 percent in 2015. These and middle-income countries excluding China ratios, calculated using the current, end-2016 U.S. recorded a slower, 3.2 percent accumulation in 2016, dollar value of GNI and export earnings mask both and a markedly different borrowing pattern with increased debt service costs arising from appreciation public and publicly guaranteed debt rising 4.5 per- of the U.S. dollar and the deterioration of both the cent, far faster than private non-guaranteed debt, up external debt-to-GNI and external debt- to-export only 2.8 percent, as the pace of corporate borrowing ratios in an increasing number of low- and middle- slowed in most of the largest borrowers. income countries.
Figure O.3 External Debt Stock of Low- and Middle- Figure O.4 External Debt-to-GNI Ratio: Low- and Income Countries, 2010–2016 Middle-Income Country Distribution 2010 and 2016 $ billion Percent
8,000 50
40 6,000
30 4,000
20
2,000 10
0 0 2010 2011 2012 2013 2014 2015 2016 Below 30% 30-40% 40-60% 60-100% Above 100% Short-term debt Private non-guaranteed Public and publicly guaranteed 2010 2016 (including IMF)
Source: World Bank Debtor Reporting System and International Source: World Bank Debtor Reporting System. Monetary Fund.
5 INTERNATIONAL DEBT STATISTICS 2018
One quarter of low- and middle-income coun- Trends in Debt Flows 2016 tries had an external debt-to-GNI ratio of over 60 percent, including ten countries with ratios above Net debt inflows to low- and middle-income coun- 100 percent. The share of low- and middle-income tries rebounded in 2016 on the back of a sharp rise in countries with a debt-to-GNI ratio below 30 per- long-term net debt inflows, up 36 percent to $264 cent has fallen to less than one third from 45 per- billion, and a large recovery of net short-term flows. cent in 2010. A similar pattern is observed in the These remained negative, but outflows (-$15.7 bil- ratio of external debt to export earnings. At the lion) were small in comparison to the massive $487 end of 2016, 44 percent of low- and middle- billion contraction of 2015. Overall trends were dic- income countries had an external debt-to-export tated by the reversal in flows to China, notably short- ratio of over 150 percent, as compared to 36 per- term debt, where net outflows fell to $21 billion in cent in 2010, and the percentage of countries contrast to the net outflow of $417 billion in 2015. It where the ratio surpassed 200 percent doubled is believed these data are in part the consequence of over the same period to 30 percent (15 percent in further data reclassification (as elaborated in 2010). The deterioration in debt indicators was in International Debt Statistics 2017) of short-term part attributable to sluggish growth and the down- inter-company lending, formerly recorded as FDI. turn in international commodity prices, but in Low- and middle-income countries other than China, many instances, it also reflected a significant posted net debt inflows of $194 billion in 2016, dou- increase in external borrowing particularly by ble the comparable figure for 2015, driven by a countries in Sub- Saharan Africa, many of whom strong recovery in short-term debt inflows and a 12 benefitted from significant debt relief under the percent rise in long-term debt inflows. Heavily Indebted Poor Country (HIPC) and Consistent with past trends, external private Multilateral Debt Relief (MDRI) initiatives. The creditors, such as bondholders, commercial banks, external debt stock has doubled, and in some and other private entities were the major source of instances tripled in one third of Sub- Saharan credit for low- and middle-income countries. African countries since 2010. At the end of 2016, Together, these entities accounted for 75 percent of over 60 percent of countries in the region had an net long-term financing. Bondholders were the most external debt-to-GNI ratio above 30 percent, up important contributors of long-term financing, pro- from 44 percent in 2010 and one quarter of them viding $118 billion (46 percent of net long-term debt had an external debt-to-export ratio exceeding 200 inflows), a 40 percent increase over 2015 but much percent. lower than comparable inflows in 2012–2014. Bond
Figure O.5 External Debt-to-Export Ratio: Low- and Figure O.6 Net Debt Flows to Low- and Middle-Income Middle-Income Country Distribution 2010 and 2016 Countries excluding China, 2010–2016 Percent $ billion
50 500
400 40
300 30 200
20 100
10 0
0 -100 Below 100% 100-150% 150-200% 200-250% Above 250% 2010 2011 2012 2013 2014 2015 2016
2010 2016 Net long-term debt flows Net short debt flows
Sources: World Bank Debtor Reporting System and International Source: World Bank Debtor Reporting System. Monetary Fund.
6 O V E R V I E W
Figure O.7 Net Debt Flows to China, 2010–2016 Figure O.8 Creditor Composition of Net Long-Term $ billion Debt Flows 2010–2016 $ billion
300 250
200 200 100
0 150 -100 100 -200
-300 50 -400
-500 0 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016
Net long-term debt flows Net short debt flows Official bilateral creditors Official multilateral creditors (including IMF) Banks and other private entities Bondholders Source: World Bank Debtor Reporting System. Sources: World Bank Debtor Reporting System and International Monetary Fund. inflows in 2016 were more concentrated than in international capital markets weighed heavily on the prior years, with tightening market conditions and world’s poorest countries, those eligible for conces- some credit rating downgrades deterring many public sional financing from the World Bank’s International and private sector borrowers from new issuance in Development Association (IDA) and designated IDA- international capital markets. The most noteworthy only. In marked contrast to the rebound in debt event of 2016 was Argentina’s highly successful inflow in other low- and middle-income countries, return to the markets after a 15 year absence. net debt inflows to IDA-only countries fell 34 percent Excluding Argentina, net bond inflows in 2016 saw in 2016 to $17.6 billion, the lowest level since 2011. little changed from 2015. Net debt inflows from offi- The decline in net debt inflows was compounded by cial creditors rose by 32 percent in 2016. The source an 9 percent fall in net equity inflows, bringing com- of much of this increase was bilateral creditors, bined debt and equity inflows down to $44 billion which accounted for almost 41 percent of these (from $56 billion in 2015). inflows those from multilateral creditors stagnated Most IDA-only countries remain heavily depen- marginally below the 2015 level at $38 billion. dent on official, concessional, sources of financing, Bilateral flows are dominated by those from non-tra- but several have gained market access in recent years ditional sources, notably China and other BRICs. with bond issuance and other private sources of The uncertain outlook for international com- financing accounting for an increasingly important modity prices and tightening conditions in share of net debt inflows. This largely came to a halt
Figure O.9 IDA-Only Countries – Net Financial Figure O.10 IDA-Only Countries - Creditor Composition Flows 2010-2016 of Net Long-Term Debt Flows 2010–2016 $ billion $ billion
60 14
50 12
10 40
30 8
20 6
4 10
2 0 2010 2011 2012 2013 2014 2015 2016 0 Net debt inflows Net equity inflows 2010 2011 2012 2013 2014 2015 2016
Multilateral creditors (including IMF) Bilateral creditors Bondholders and other private creditors Sources: World Bank Debtor Reporting System, International Source: World Bank Debtor Reporting System. Monetary Fund, and Bank for International Settlements.
7 INTERNATIONAL DEBT STATISTICS 2018
in 2016 as tighter market conditions and credit rating markets in many low- and middle-income countries. downgrades curtailed market access and deterred BRICs—the economic group comprising Brazil, commercial bank lenders. Net inflows from private China, India and South Africa—commanded 54 per- creditors collapsed, falling to $1.6 billion ($7.7 bil- cent of net FDI inflows to low- and middle-income lion in 2015). The downturn in net debt inflows from countries in 2016. Within this group, FDI inflows to private creditors was exacerbated by a 24 percent fall China fell 22 percent to $164 billion but it remained in inflows from bilateral creditors; however, the the single largest recipient of FDI inflows to low- and increase in new bilateral loan commitments suggests middle-income countries (at 34 percent). Conversely, this may only be a temporary phenomenon (see Box FDI inflows to Russia soared more than 200 percent 1). Net inflows from multilateral creditors totaled to $36 billion, largely because of the privatization of $7.5 billion, little changed from 2015, but their share state-owned assets, including the sale of a 19.5 per- of net long-term debt inflows rose to 48 percent cent stake in the state-owned oil company Rosneft to (from 32 percent in 2015). a consortium led by Glencore, Switzerland. The regional pictures for in 2016 were diverse. FDI inflows to Europe and Central Asia recorded a robust, 42.6 percent upswing but this was principally Trends in Equity Flows 2016 due to inflows to Russia and Kazakhstan where the sale of mining exploration rights and investment in Foreign direct investment flows fell to their lowest level in eight years, with many low- and middle- the giant Tengiz oil field pushed inflows to $8.6 bil- income countries recording a downturn in 2016 lion (from $1.9 billion in 2015). FDI inflows to other countries in the region fell 17 percent. The South Asia region saw a 6 percent increase with the contin- Traditionally, FDI has been the largest and the least uation of liberalization measures to improve the volatile component of external financial flows to investment climate in India raising inflows to $42 low- and middle-in- come countries. However, 2016 billion (from $39.7 billion in 2015). FDI to Pakistan showed it is not immune to adverse developments in rose 42 percent, driven by China’s investment in elec- the global economy. FDI inflows fell 10 percent to tricity generation and transport, in the framework of $481 billion, a level not seen since 2009. As widely the China-Pakistan Economic Corridor; inflows to reported, this decline reflected the fragility in the Bangladesh increased slightly reflecting new, large- global economy, persistent weak aggregate demand, scale, electricity projects. In the East Asia and Pacific sluggish growth in some commodity-exporting coun- region, FDI inflows to Vietnam, fast becoming the tries, and a slump in profits earned by multilateral major electronics manufacturing center in the region, enterprises; factors that outweighed the positive ben- rose 7 per cent to a new record of $13 billion. Low efits from continued improvements in business and commodity prices and economic and political uncer- regulatory environments and burgeoning domestic tainties weighed on FDI to Latin America and the
Figure O.11 Net FDI Flows – Regional Distribution, Figure O.12 Net Portfolio Equity Flows to Major 2015-2016 Recipients, 2015-2016 $ billion $ billion
300 All low-and middle-incomecountries China 250 Brazil
200 South Africa Mexico 150 Colombia India 100 Nigeria 50 Russia
Thailand 0 East Asia Europe and Latin America Middle East South Asia Sub-Saharan -10 0 10 20 30 40 50 and Pacific Central Asia and Caribbean and North Africa Africa 2016 2015 2015 2016
Sources: International Monetary Fund and United Nations Source: International Monetary Fund. Conference on Trade and Development (UNCTAD).
8 O V E R V I E W
Caribbean; similar factors tempered investor interest China. The country saw net portfolio equity flows rise in much of Sub- Saharan Africa. South Africa contin- 27 percent to $19 billion following stepped–up com- ues to underperform and although FDI inflows munication by Chinese officials emphasizing the role turned positive in 2016, after an outflow in 2015, of the currency basket, which allayed fears of an they remained well below the past average. abrupt depreciation of the renminbi. A partial recov- ery in oil prices and a stronger peso boosted inflows to Mexico: they rose threefold to $9.5 billion despite Portfolio equity inflows rose to $44 billion in 2016, uncertainties over the future of NAFTA. A strengthen- double the level of 2015 ing of the Russian economy led to a steep reduction in The main driver of the renewed appetite for portfolio outflows of portfolio equity in 2016, compared to the equity in low- and middle-income countries in 2016 prior year. Conversely, uncertainty over economic and appears to have been market realization that the political outcomes weighed heavily on South Africa, downside risks facing the global economy and finan- which saw net inflows plummeting to $1.6 billion cial markets were less threatening than previously (from $8.5 billion in 2015). Portfolio equity flows assumed. Attractive valuations in many emerging benefit only a very small number of low- and middle- markets also encouraged bargain hunting by global income countries. Of the cumulative inflows in 2014– investors. Net inflows of $44 billion were twice the 2016, 76 percent went to just two countries: China, comparable figure for 2015; however, outcomes var- which absorbed the lion’s share, with 55 percent ($86 ied across countries and over 40 percent went to billion) and Brazil, with 21 percent ($32 billion).
Box 1 Non-Traditional Lenders Drive the Surge in Flows from Official Creditors New loan commitments typically serve as a lead- percent. Bangladesh was the single largest recipi- ing indicator of how borrowing patterns and ent of official loan commitments in 2016 at $18.9 trends are likely to evolve. In 2016, new loan billion, equivalent to 8 percent of the country’s commitments by bilateral creditors rose 115 per- 2016 GNI, including $11.4 billion from Russia cent to $84 billion, surpassing those from multi- for the Rooppur nuclear power plant, followed by lateral institutions at $74 billion, which were Angola, which reported $15.5 billion in new loan unchanged from their level in 2015. The surge in commitments (18 percent of GNI), of which 97 bilateral lending was driven by financing from percent were contracted with China. other low- and middle-income countries, primar- ily the BRICs, and notably China in the context of Figure O.13 Long-Term Disbursements and Loan the ‘One Belt One Road’ initiative, launched in Commitments from Official Creditors, 2015-2016 2013, that aims to build an integrated interna- $ billion
tional economic corridor encompassing more than 100 60 countries in various regions. Bilateral lending by these creditors looks set to continue. Press 80 reports from several Asia and African countries disclose offers of Chinese financing for forthcom- 60 ing large-scale infrastructure projects. For instance, Egypt announced, in October 2016, a 40
$25 billion loan agreement with Russia, to build 20 the Dabaa nuclear power plant, and India Exim is
on record with plans to double lending to low- 0 and middle-income countries. The increase in 2015 2016 2015 2016 Gross Disbursements New Loan Commitments commitments from official sources in 2016 is World Bank (IBRD and IDA) Other Multilateral Bilateral Creditors observed across all regions, but countries in the primary recipients, together accounting for 48 Source: World Bank Debtor Reporting System.
9
PART II Tables
External debt stock External debt stock
Public and Total debt Total debt Reserves to Debt services publicly Private non Total debt** to GNI to exports total debt to export Short term debt Long term debt guaranteed guaranteed
$ millions % % % % $ millions $ millions $ millions $ millions Afghanistan 2,404 12.2 190.4 269.4 3.5 205 1,922 1,922 .. Albania 8,437 71.0 232.1 36.2 15.2 1,893 6,158 3,572 2,585 Algeria 5,466 3.6 15.4 2,092.6 1.0 1,986 1,870 1,656 214 Angola 35,365 41.2 123.5 67.1 26.5 154 34,815 34,815 .. Argentina 190,490 35.7 259.2 19.1 34.9 47,341 140,433 101,632 38,802 Armenia 9,953 92.4 228.7 22.1 34.1 1,072 8,354 4,469 3,885 Azerbaijan 14,085 39.8 76.1 41.4 8.1 1,462 12,417 10,518 1,899 Bangladesh 41,126 17.6 108.9 77.3 4.7 7,8 36 31,743 28,650 3,093 Belarus 37,516 83.0 122.7 8.5 19.4 10,622 26,398 17,987 8,411 Belize 1,344 80.4 137.8 28.0 10.1 6 1,314 1,177 138 Benin 2,323 27.1 ...... 62 2,074 2,074 .. Bhutan 2,348 113.8 353.9 48.0 11.6 1 2,339 2,221 118 Bolivia 11,015 33.2 131.8 77.1 9.3 475 10,320 7,031 3,289 Bosnia and Herzegovina 10,958 65.8 169.4 45.9 41.4 687 9,501 4,234 5,267 Botswana 2,100 14.0 24.0 342.3 1.9 369 1,654 1,654 .. Brazil 543,257 30.9 236.9 66.7 51.2 57,202 482,174 174,333 307,841 Bulgaria 39,657 76.4 115.0 59.7 23.6 8,609 30,226 10,818 19,408 Burkina Faso 2,825 23.9 ...... - 2,539 2,539 .. Burundi 633 21.2 327.4 14.9 31.7 0 439 439 .. Cabo Verde 1,539 100.3 202.0 37.2 5.8 2 1,526 1,526 .. Cambodia 10,230 54.4 76.4 82.0 6.0 1,727 8,390 5,647 2,744 Cameroon 7,28 3 30.5 .. 30.6 .. 278 6,687 5,793 894 Central African Republic 682 38.8 .. 35.2 .. 84 414 414 .. Chad 1,655 17.6 .. 0.5 .. 8 1,455 1,455 .. China 1,429,468 12.8 59.0 212.0 5.3 801,396 618,676 158,675 460,000 Colombia 120,282 43.3 259.3 38.2 28.9 11,543 107,747 70,922 36,825 Comoros 160 25.9 .. 99.3 .. 2 132 132 .. Congo, Dem. Rep. 5,077 15.8 50.1 13.9 4.3 232 3,855 3,855 .. Congo, Rep. 3,837 52.0 .. 18.6 .. 202 3,519 3,519 .. Costa Rica 25,567 46.9 133.7 29.6 14.8 2,559 22,798 11,054 11,744 Cote d'Ivoire 11,344 32.3 ...... 364 9,485 8,161 1,324 Djibouti 1,706 .. .. 23.9 .. 53 1,608 1,608 .. Dominica 297 58.5 101.3 74.7 9.1 9 264 264 .. Dominican Republic 28,031 41.1 150.3 21.8 20.9 2,774 24,976 17,204 7,772 Ecuador 34,084 35.5 172.8 11.1 26.8 942 32,403 24,870 7,533 Egypt, Arab Rep. 67,214 20.0 193.6 31.0 18.9 11,945 51,413 51,256 157 El Salvador 15,425 60.3 227.0 20.7 19.9 2,564 12,640 7,857 4,784 Eritrea 796 ...... 28 748 748 .. Ethiopia 23,063 32.0 389.6 13.1 21.0 926 21,803 21,803 .. Fiji 868 19.6 38.1 104.6 5.7 99 679 679 0 Gabon 5,077 38.7 .. 15.5 .. 265 4,615 4,615 .. Gambia, The 505 54.0 205.6 17.3 15.2 18 407 407 .. Georgia 15,987 118.0 223.3 17.2 37.6 2,358 13,322 5,907 7,415 Ghana 21,396 51.8 120.8 25.9 10.5 2,795 17,236 16,982 253 Grenada 1,297 132.2 212.8 16.0 5.7 48 1,205 570 635 Guatemala 21,234 31.7 153.1 41.9 22.3 906 20,058 8,148 11,910
12 External debt stock
Public and Total debt Total debt Reserves to Debt services publicly Private non Total debt** to GNI to exports total debt to export Short term debt Long term debt guaranteed guaranteed
$ millions % % % % $ millions $ millions $ millions $ millions Guinea 1,378 23.8 55.1 27.0 2.6 91 909 909 .. Guinea-Bissau 295 26.3 ...... 33 220 220 .. Guyana 1,639 47.3 .. 35.4 .. 238 1,284 1,049 235 Haiti 2,158 26.8 128.0 97.7 5.2 1 1,941 1,935 6 Honduras 7,579 37.8 113.0 50.0 15.4 437 6,976 6,017 960 India 456,140 20.4 102.3 74.8 17.3 83,821 366,971 166,883 200,088 Indonesia 316,431 35.1 184.2 35.9 39.6 42,051 271,717 177,067 94,650 Iran, Islamic Rep. 5,378 .. 7.0 .. 2.7 2,794 667 667 - Jamaica 14,053 104.2 297.6 23.4 40.4 1,591 11,359 9,503 1,856 Jordan 27,126 70.7 189.6 51.7 17.2 10,434 14,872 12,558 2,314 Kazakhstan 163,758 135.1 357.2 12.2 44.3 6,931 156,365 21,426 134,939 Kenya 22,325 32.0 212.2 34.0 10.6 2,225 18,997 18,323 674 Kosovo 2,152 31.9 124.2 35.8 9.1 621 1,337 305 1,032 Kyrgyz Republic 7,876 125.3 327.5 22.8 18.6 352 7,223 3,564 3,659 Lao PDR 14,160 93.1 327.9 6.0 12.9 710 13,381 7,302 6,080 Lebanon 31,961 67.9 153.2 135.6 20.9 3,779 27,922 27,222 700 Lesotho 883 35.9 64.7 104.7 4.2 0 775 775 .. Liberia 952 52.3 241.7 55.6 2.9 - 592 527 65 Macedonia, FYR 7,38 3 70.7 134.4 33.8 15.9 1,112 6,183 3,473 2,710 Madagascar 2,935 30.6 86.8 40.3 3.7 205 2,429 2,424 5 Malawi 1,847 34.7 127.0 .. 5.0 44 1,507 1,507 .. Malaysia 200,364 69.6 94.5 46.5 4.9 82,231 116,323 65,721 50,602 Maldives 1,155 35.5 34.2 41.4 3.7 128 1,015 898 117 Mali 3,788 27.9 ...... 82 3,418 3,418 .. Mauritania 3,834 84.8 221.6 21.8 13.2 187 3,466 3,466 .. Mauritius 17,952 148.4 155.2 25.1 18.2 4,603 13,219 1,629 11,591 Mexico 422,657 40.7 103.8 41.1 19.4 53,984 364,839 266,765 98,075 Moldova 6,595 92.0 197.5 33.4 13.0 1,751 4,270 1,212 3,058 Mongolia 23,912 232.0 421.5 5.2 28.5 2,579 21,268 4,506 16,761 Montenegro 2,707 64.0 131.2 31.3 24.0 168 2,505 2,415 90 Morocco 46,265 46.4 132.2 53.0 10.9 8,923 36,587 30,111 6,477 Mozambique 10,294 95.7 266.4 19.6 12.6 759 9,180 9,180 .. Myanmar 6,453 .. 48.6 71.6 0.8 762 5,361 5,314 47 Nepal 4,251 19.7 165.3 199.9 8.9 374 3,706 3,623 83 Nicaragua 10,991 85.4 211.2 22.3 16.0 1,407 9,356 4,198 5,158 Niger 3,233 43.5 ...... 112 2,882 2,882 .. Nigeria 31,152 7.9 78.5 93.9 6.3 0 28,899 11,412 17,4 87 Pakistan 72,698 24.1 264.5 27.0 15.4 7,212 58,251 51,600 6,651 Panama 89,492 177.8 307.9 4.3 21.8 43,297 45,930 17,270 28,660 Papua New Guinea 19,689 .. 253.5 8.2 49.1 592 18,927 1,919 17,008 Paraguay 16,323 62.9 136.8 40.3 11.0 4,696 11,500 4,821 6,679 Peru 69,503 37.7 157.2 87.1 15.1 7,765 60,919 19,732 41,187 Philippines 77,319 21.1 92.5 95.0 12.6 14,526 61,667 33,395 28,272 Romania 95,888 52.9 118.8 37.7 23.3 12,872 81,693 32,722 48,971 Russian Federation 524,686 42.0 140.7 60.5 19.2 45,100 471,961 180,906 291,056 Rwanda 2,783 34.1 173.4 39.7 8.3 227 2,353 2,353 ..
13 External debt stock
Public and Total debt Total debt Reserves to Debt services publicly Private non Total debt** to GNI to exports total debt to export Short term debt Long term debt guaranteed guaranteed
$ millions % % % % $ millions $ millions $ millions $ millions Samoa 418 54.4 158.7 23.8 8.7 - 390 390 .. Sao Tome and Principe 248 70.4 241.1 25.5 2.9 9 224 224 .. Senegal 6,638 46.6 ...... - 6,338 6,099 239 Serbia 29,599 83.2 149.1 34.0 30.0 1,132 27,870 16,274 11,595 Sierra Leone 1,472 44.8 .. 33.8 .. 76 953 953 .. Solomon Islands 240 20.8 40.3 202.5 3.9 35 182 87 95 Somalia 2,649 46.3 ...... 792 1,645 1,645 .. South Africa 146,040 50.9 152.5 29.1 13.2 29,791 113,849 62,195 51,654 Sri Lanka 46,608 59.0 265.3 11.1 17.9 7,416 38,106 29,725 8,382 St. Lucia 551 40.6 54.9 53.0 4.2 84 438 438 .. St. Vincent and the Grenadines 370 48.3 126.3 51.9 10.9 4 343 343 .. Sudan 21,082 24.3 454.4 .. 6.4 5,036 15,515 15,515 .. Swaziland 497 14.0 27.5 113.5 2.1 93 339 339 .. Syrian Arab Republic 4,394 ...... 521 3,498 3,498 .. Tajikistan 4,877 59.7 214.5 2.2 28.1 816 3,843 1,862 1,981 Tanzania 16,475 35.3 175.6 .. 5.4 2,039 13,922 11,248 2,674 Thailand 121,497 31.4 42.3 136.8 5.0 52,790 67,403 23,192 44,211 Togo 1,176 29.1 ...... 64 940 940 .. Tonga 160 40.4 175.0 110.4 16.2 0 151 151 .. Tunisia 28,111 69.5 161.9 20.9 10.7 6,694 19,429 18,323 1,107 Turkey 405,656 47.8 210.0 22.7 39.3 98,002 306,214 107,24 4 198,970 Turkmenistan 509 1.5 ...... 151 264 236 29 Uganda 9,947 39.6 220.0 .. 18.8 502 9,212 5,887 3,325 Ukraine 117,983 127.8 233.7 12.4 29.3 20,148 84,760 36,108 48,652 Uzbekistan 16,283 23.8 ...... 346 15,583 7,4 34 8,149 Vanuatu 213 .. 50.8 125.5 1.8 31 137 137 .. Venezuela, RB 113,024 .. 385.9 2.9 59.5 28,825 80,780 40,586 40,193 Vietnam 86,953 45.6 45.9 42.0 3.9 14,008 72,522 48,038 24,484 Yemen, Rep. 7,066 26.0 ...... 246 6,323 6,323 .. Zambia 9,548 50.6 128.9 24.6 8.6 1,011 7,724 6,904 820 Zimbabwe 8,898 57.0 .. 4.6 .. 2,985 5,457 3,483 1,975 Low & middle income 6,876,978 26.0 106.7 81.4 14.2 1,709,557 5,052,221 2,526,747 2,525,474 East Asia & Pacific* 2,308,374 17.2 67.6 153.0 7.2 1,013,538 1,277,174 532,219 744,955 Europe & Central Asia* 1,522,544 53.3 168.0 35.7 25.9 216,201 1,276,445 472,685 803,760 Latin America & Caribbean* 1,740,663 38.1 177.6 42.7 29.5 268,697 1,451,996 797,716 654,280 Middle East & North Africa* 224,687 18.4 89.1 99.4 8.6 47,374 164,189 153,221 10,968 South Asia 626,729 21.6 116.8 66.1 16.2 106,994 504,053 285,521 218,532 Sub-Saharan Africa* 453,980 31.9 137.1 30.8 11.6 56,752 378,365 285,385 92,980 Low income 121,291 33.0 160.4 .. 8.7 9,948 103,391 95,019 8,373 Middle income 6,755,687 25.9 106.0 82.4 14.3 1,699,608 4,948,830 2,431,728 2,517,102 Lower middle income 1,774,683 28.6 124.6 46.8 16.9 267,732 1,451,941 908,030 543,911 Upper middle income 4,981,004 25.0 100.6 95.1 13.5 1,431,877 3,496,890 1,523,698 1,973,191
* Excluding high income ** Total debt stock is the sum of short- and long-term debt plus IMF credit
14 Major economic aggregate Net debt inflows Equity inflows Major economic aggregate Net debt inflows Equity inflows
International Official Private GNI Exports Import reserves Total debt creditors creditors FDI flows Porfolio flows
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Afghanistan 19,690 1,263 7,422 6,476 (43) (3) - 99 - Albania 11,878 3,636 5,686 3,051 273 9 8 1,062 7 Algeria 152,439 35,470 64,040 114,391 897 889 (155) .. .. Angola 85,841 28,641 31,257 23,742 7,426 9,122 (1,572) 4,162 .. Argentina 533,328 73,503 89,561 36,323 30,896 (973) 43,618 7,976 985 Armenia 10,769 4,351 5,143 2,204 1,148 580 151 224 4 Azerbaijan 35,375 18,500 19,920 5,837 2,028 839 1,379 4,500 - Bangladesh 234,169 37,772 50,601 31,776 3,139 2,209 (255) 1,706 115 Belarus 45,198 30,575 32,859 3,207 (2,902) 643 (2,694) 1,083 (0) Belize 1,672 976 1,248 377 19 27 (8) 33 - Benin 8,586 ...... 212 181 51 .. .. Bhutan 2,063 664 1,427 1,127 383 328 56 8 .. Bolivia 33,145 8,355 11,477 8,487 935 728 158 197 23 Bosnia and Herzegovina 16,650 6,470 9,350 5,026 (1,810) 150 (1,996) 241 3 Botswana 14,955 8,744 7,032 7,189 (114) (94) (9) 380 33 Brazil 1,758,527 229,281 255,771 362,505 16,532 (877) 12,549 54,021 10,586 Bulgaria 51,913 34,494 34,016 23,691 1,053 404 808 1,087 (20) Burkina Faso 11,817 ...... 203 193 (2) 309 .. Burundi 2,987 193 754 94 (10) 8 - .. .. Cabo Verde 1,535 762 1,127 573 41 24 16 117 .. Cambodia 18,788 13,392 16,079 8,393 1,117 407 303 2,287 .. Cameroon 23,913 .. .. 2,226 905 970 (44) .. .. Central African Republic 1,758 .. .. 240 19 7 - 31 .. Chad 9,415 .. .. 8 70 8 - 560 .. China 11,172,428 2,423,740 2,217,840 3,029,775 54,261 (882) 75,991 164,182 18,945 Colombia 277,554 46,380 64,462 45,962 9,695 2,290 7,797 9,012 692 Comoros 618 .. .. 159 29 31 - 8 .. Congo, Dem. Rep. 32,099 10,125 12,782 708 (271) (199) (9) 1,205 .. Congo, Rep. 7,373 .. .. 714 (202) 58 (23) 2,006 .. Costa Rica 54,457 19,122 21,633 7,574 2,226 494 1,776 1,945 2 Cote d'Ivoire 35,115 ...... 359 47 (84) 481 .. Djibouti ...... 407 487 442 (1) 160 .. Dominica 508 293 346 222 (16) (12) (2) 32 - Dominican Republic 68,148 18,647 24,673 6,113 838 (207) 1,495 2,402 .. Ecuador 95,925 19,724 21,091 3,781 6,899 2,954 2,916 890 6 Egypt, Arab Rep. 335,742 34,709 71,357 20,858 19,268 9,528 (520) 320 610 El Salvador 25,572 6,796 11,903 3,188 487 (139) 80 447 - Eritrea ...... (61) (15) - 52 .. Ethiopia 72,121 5,920 20,333 3,022 3,009 2,780 (95) 3,196 .. Fiji 4,428 2,279 2,782 908 15 (2) - 268 - Gabon 13,125 .. .. 789 101 248 54 703 .. Gambia, The 937 246 504 88 (9) (10) (2) 8 .. Georgia 13,549 7,158 10,219 2,756 1,111 272 619 2,301 (4) Ghana 41,299 17,708 21,997 5,545 1,029 200 1,161 3,485 .. Grenada 981 609 631 208 643 4 633 90 - Guatemala 67,076 13,867 20,923 8,899 1,095 (65) 966 1,167 - Guinea 5,787 2,502 5,328 373 19 8 (11) (16) 0
16 Major economic aggregate Net debt inflows Equity inflows
International Official Private GNI Exports Import reserves Total debt creditors creditors FDI flows Porfolio flows
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Guinea-Bissau 1,123 ...... (14) 1 - 20 .. Guyana 3,463 .. .. 581 3 30 65 .. .. Haiti 8,066 1,686 4,222 2,108 80 37 4 105 .. Honduras 20,043 6,705 11,495 3,788 47 216 (111) 975 (22) India 2,235,258 445,919 514,859 341,145 (21,771) 1,933 (25,962) 41,987 2,337 Indonesia 900,693 171,820 193,033 113,493 17,520 (325) 14,225 4,860 1,319 Iran, Islamic Rep. .. 76,905 68,435 .. (1,167) (174) (1,766) 3,372 .. Jamaica 13,491 4,722 7,242 3,292 74 52 (159) 856 75 Jordan 38,351 14,305 22,662 14,019 1,716 623 1,161 1,539 334 Kazakhstan 121,180 45,839 53,963 19,916 6,708 1,304 5,109 8,554 (17) Kenya 69,845 10,520 17,582 7,600 2,849 2,774 566 394 .. Kosovo 6,740 1,733 3,551 770 10 46 38 198 - Kyrgyz Republic 6,288 2,405 4,972 1,799 452 243 198 304 (1) Lao PDR 15,213 4,318 5,750 847 1,259 436 833 997 (5) Lebanon 47,063 20,864 33,607 43,338 1,140 16 1,068 2,606 (289) Lesotho 2,463 1,364 2,032 925 17 20 (0) 10 0 Liberia 1,820 394 2,161 529 136 103 (6) .. .. Macedonia, FYR 10,437 5,492 7,569 2,499 701 99 527 356 (8) Madagascar 9,583 3,380 3,941 1,184 109 69 (15) 37 .. Malawi 5,322 1,454 2,776 .. 172 104 - 318 0 Malaysia 287,98 3 212,026 200,603 93,072 11,162 (278) 5,676 9,926 .. Maldives 3,257 3,380 3,585 478 211 276 (50) 448 .. Mali 13,556 ...... 213 172 (0) 126 .. Mauritania 4,518 1,730 2,681 835 124 187 - 271 .. Mauritius 12,100 11,567 11,867 4,504 3,395 (3) 2,244 349 (1,005) Mexico 1,039,041 407,04 4 456,543 173,536 (13,992) 52 1,757 18,683 9,477 Moldova 7,171 3,340 4,736 2,203 331 169 (53) 160 - Mongolia 10,308 5,673 6,585 1,240 2,354 138 2,072 (399) 4 Montenegro 4,233 2,063 2,984 847 225 (12) 69 91 17 Morocco 99,645 35,009 47,74 3 24,541 4,082 1,182 845 1,773 (26) Mozambique 10,760 3,864 8,364 2,023 383 626 (137) 805 - Myanmar .. 13,281 18,381 4,619 80 99 (19) 3,319 .. Nepal 21,557 2,572 10,180 8,498 195 188 (0) 106 .. Nicaragua 12,877 5,203 7,922 2,448 460 277 83 888 - Niger 7,4 34 ...... 366 363 - 293 .. Nigeria 396,373 39,698 56,866 29,243 2,597 1,185 1,412 2,826 325 Pakistan 301,569 27,481 57,120 19,650 7,621 1,568 4,213 2,232 (338) Panama 50,326 29,064 32,007 3,847 947 393 1,075 4,244 - Papua New Guinea .. 7,767 2,561 1,608 (1,157) 242 (1,366) .. .. Paraguay 25,953 11,934 12,250 6,579 283 302 61 316 - Peru 184,166 44,200 53,470 60,524 4,263 201 3,372 6,386 (307) Philippines 367,014 83,544 109,473 73,433 (3,911) (14) (3,325) 2,745 131 Romania 181,378 80,698 87,807 36,133 (1,736) (729) (1,309) 4,658 (220) Russian Federation 1,248,550 372,920 341,100 317,545 33,162 (336) 30,498 35,715 (1,788) Rwanda 8,165 1,605 3,340 1,104 598 285 - 101 3 Samoa 767 263 434 99 (3) (1) - 2 ..
17 Major economic aggregate Net debt inflows Equity inflows
International Official Private GNI Exports Import reserves Total debt creditors creditors FDI flows Porfolio flows
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Sao Tome and Principe 352 103 188 63 3 3 - 22 (0) Senegal 14,256 ...... 944 932 47 393 .. Serbia 35,586 19,851 24,865 10,060 (951) 291 (1,615) 1,438 (13) Sierra Leone 3,284 .. .. 497 123 21 - 516 .. Solomon Islands 1,153 596 710 486 35 7 19 29 .. Somalia 5,727 ...... - - - 339 .. South Africa 286,651 95,774 103,396 42,566 6,016 565 4,735 421 1,640 Sri Lanka 79,036 17,568 25,963 5,189 2,612 680 2,285 709 24 St. Lucia 1,358 1,005 1,042 292 (9) (10) (1) 93 - St. Vincent and the Grenadines 766 293 346 192 27 32 (3) 89 (4) Sudan 86,599 4,639 9,699 .. (120) (85) - 1,064 .. Swaziland 3,563 1,808 1,866 564 101 62 - (11) .. Syrian Arab Republic ...... - - - .. .. Tajikistan 8,165 2,274 3,111 107 (100) (70) 131 79 - Tanzania 46,693 9,384 11,765 .. 1,086 712 409 888 4 Thailand 386,547 287,234 246,370 166,157 (956) (31) (2,459) 3,847 (786) Togo 4,047 ...... 151 176 (11) .. .. Tonga 396 91 228 177 (5) (5) - 9 .. Tunisia 40,447 17,358 22,759 5,887 1,328 538 389 958 .. Turkey 848,758 193,159 227,54 4 92,055 15,840 818 18,897 10,168 823 Turkmenistan 34,426 ...... 114 8 (11) 4,523 .. Uganda 25,099 4,521 7,077 .. 192 741 (496) 486 4 Ukraine 92,334 50,489 56,890 14,598 (4,380) (502) (3,899) 3,550 69 Uzbekistan 68,547 ...... 1,483 940 858 67 .. Vanuatu .. 420 496 267 (1) 18 - 32 .. Venezuela, RB .. 29,291 33,335 3,265 (11,238) (1,276) (8,575) 446 .. Vietnam 190,864 189,454 189,204 36,527 9,472 2,921 4,532 12,600 .. Yemen, Rep. 27,161 ...... (186) (74) - (561) .. Zambia 18,879 7,407 8,548 2,353 909 656 (67) 497 .. Zimbabwe 15,607 .. .. 407 101 (0) 61 319 .. Low & middle income 26,480,569 6,443,719 6,773,911 5,597,136 248,316 55,805 203,218 480,987 43,743 East Asia & Pacific* 13,434,838 3,415,899 3,210,530 3,531,102 91,243 2,728 96,482 204,706 19,608 Europe & Central Asia* 2,859,124 906,203 955,114 544,301 52,760 5,166 47,711 80,358 (1,149) Latin America & Caribbean* 4,570,969 980,039 1,145,380 744,088 51,195 4,527 69,544 111,290 21,513 Middle East & North Africa* 1,220,555 252,135 360,851 223,442 27,565 12,969 1,022 10,167 629 South Asia 2,896,599 536,619 671,157 414,339 (7,654) 7,177 (19,713) 47,296 2,138 Sub-Saharan Africa* 1,422,504 331,163 417,292 139,864 33,207 23,237 8,173 27,171 1,004 Low income 367,376 75,595 141,053 .. 8,005 7,521 (213) 10,302 11 Middle income 26,112,723 6,370,695 6,633,903 5,569,621 240,311 48,283 203,431 470,685 43,732 Lower middle income 6,210,645 1,424,040 1,736,999 831,145 64,564 40,798 68 103,183 4,898 Upper middle income 19,898,308 4,949,576 4,897,990 4,738,477 175,747 7,4 86 203,363 367,502 38,834
* Excluding high income
18 Distribution of long term debt stock Distribution of long term disbursement Distribution of long term debt stock Distribution of long term disbursement
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Afghanistan 1,922 277 - - 12 6 - - Albania 2,623 387 624 2,911 203 160 - 269 Algeria 1,547 1,611 - 323 984 .. - 49 Angola 22,518 396 2,500 9,797 12,320 .. - 869 Argentina 27,137 2,716 85,490 27,807 2,546 .. 41,218 10,960 Armenia 3,445 528 1,100 3,808 652 44 - 1,253 Azerbaijan 5,525 207 3,250 3,643 1,186 .. 1,000 1,263 Bangladesh 28,643 1,547 - 3,100 3,122 - - 180 Belarus 11,370 496 800 14,228 1,810 .. - 819 Belize 650 24 527 138 69 .. - 1 Benin 2,026 187 - 49 233 - - 52 Bhutan 2,179 8 - 160 365 .. - 61 Bolivia 6,019 221 1,000 3,300 1,006 .. - 430 Bosnia and Herzegovina 4,041 770 98 5,362 366 88 - 2 Botswana 1,632 77 - 22 37 .. - - Brazil 40,729 3,881 93,772 347,673 2,801 .. 16,064 87,516 Bulgaria 2,817 821 9,442 17,968 669 .. 2,167 4,163 Burkina Faso 2,538 286 - 1 262 32 - - Burundi 435 194 - 4 19 - - - Cabo Verde 1,260 12 - 266 50 .. - 16 Cambodia 5,647 113 - 2,744 520 .. - 809 Cameroon 4,915 318 687 1,086 1,115 - - 327 Central African Republic 371 185 - 44 11 35 - - Chad 1,260 193 - 194 38 62 - - China 51,190 9,396 167,568 399,918 3,882 .. 33,201 129,067 Colombia 25,008 993 48,740 33,999 3,897 .. 4,042 10,515 Comoros 132 27 - - 35 - - - Congo, Dem. Rep. 3,854 989 - 2 63 - - 2 Congo, Rep. 2,457 116 377 685 150 - - - Costa Rica 3,227 210 8,226 11,345 781 .. 1,001 2,210 Cote d'Ivoire 4,080 1,495 1,752 3,652 709 97 - 341 Djibouti 1,604 46 - 4 473 - - - Dominica 219 24 26 19 4 - - - Dominican Republic 5,831 281 11,757 7,388 596 - 1,870 1,290 Ecuador 16,243 739 4,968 11,192 4,172 364 2,750 2,753 Egypt, Arab Rep. 47,4 38 3,856 2,100 1,875 13,266 2,739 - 853 El Salvador 3,729 220 3,377 5,534 285 .. - 318 Eritrea 719 20 - 30 10 .. - - Ethiopia 16,037 335 1,000 4,766 3,083 - - 378 Fiji 429 90 250 0 95 .. - 0 Gabon 1,620 197 2,218 776 324 .. - 125 Gambia, The 403 80 - 4 14 - - - Georgia 3,901 307 2,054 7,367 402 - 600 1,628 Ghana 8,802 1,366 4,202 4,231 569 231 750 1,193 Grenada 330 44 239 636 21 6 - 635 Guatemala 5,684 270 3,930 10,444 282 .. 1,050 1,685 Guinea 870 379 26 12 50 51 - -
20 Distribution of long term debt stock Distribution of long term disbursement
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Guinea-Bissau 220 43 - - 5 7 - - Guyana 1,028 117 - 255 62 - - 80 Haiti 1,935 216 - 6 102 43 - 4 Honduras 4,773 167 1,051 1,153 364 - - 532 India 73,178 5,348 63,367 230,426 6,979 .. 4,829 30,135 Indonesia 51,201 2,662 127,415 93,102 4,549 .. 20,182 46,383 Iran, Islamic Rep. 492 1,917 - 175 24 .. - - Jamaica 3,634 1,103 6,812 913 310 118 743 44 Jordan 6,029 1,820 6,444 2,400 1,027 72 2,150 260 Kazakhstan 7,991 462 19,733 128,641 1,721 .. 1,000 21,105 Kenya 13,918 1,103 2,750 2,328 3,094 - - 777 Kosovo 282 195 - 1,055 62 39 - 113 Kyrgyz Republic 3,564 302 - 3,659 332 27 - 451 Lao PDR 6,094 68 1,640 5,648 600 .. 624 371 Lebanon 1,253 260 26,444 225 189 .. 3,432 3 Lesotho 772 108 - 3 60 - - - Liberia 527 359 - 65 105 39 - - Macedonia, FYR 1,737 88 1,286 3,160 251 .. 498 579 Madagascar 2,334 301 5 91 138 44 1 - Malawi 1,507 296 - - 134 75 - - Malaysia 1,557 1,810 108,706 6,060 - .. 6,488 5,332 Maldives 852 12 - 163 332 - - - Mali 3,418 288 - 0 244 53 - - Mauritania 3,466 180 - - 341 - - - Mauritius 1,601 130 - 11,618 104 .. - 3,855 Mexico 31,164 3,833 287,061 46,615 2,024 .. 43,142 15,773 Moldova 1,189 574 - 3,081 203 36 - 178 Mongolia 2,266 66 3,119 15,883 264 .. 500 2,535 Montenegro 1,087 35 1,138 280 82 .. 332 47 Morocco 20,732 755 5,154 10,701 3,002 .. - 1,659 Mozambique 7,359 355 850 972 732 - - 32 Myanmar 4,793 330 - 568 165 .. - - Nepal 3,623 171 - 83 357 - - - Nicaragua 4,189 228 - 5,167 366 - - 570 Niger 2,882 239 - - 425 17 - - Nigeria 10,412 2,252 6,942 11,545 1,352 .. 1,167 1,915 Pakistan 41,922 7,235 5,562 10,767 3,408 1,102 1,000 4,253 Panama 4,766 265 15,542 25,622 725 .. 2,200 2,964 Papua New Guinea 1,703 169 - 17,225 316 .. - 1,220 Paraguay 2,376 128 3,180 5,943 497 .. 600 180 Peru 8,108 820 26,503 26,307 871 .. 1,757 5,394 Philippines 18,398 1,127 24,570 18,698 1,262 .. 800 1,761 Romania 12,736 1,324 19,618 49,339 98 - 3,720 10,775 Russian Federation 2,124 7,625 57,780 412,058 75 .. 19,549 62,094 Rwanda 1,953 203 400 - 368 100 - - Samoa 390 27 - - 14 - - -
21 Distribution of long term debt stock Distribution of long term disbursement
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Sao Tome and Principe 224 15 - - 4 2 - - Senegal 5,057 300 874 407 1,054 - - 133 Serbia 9,029 598 7,456 11,385 1,103 - 166 2,431 Sierra Leone 759 444 - 193 43 68 - - Solomon Islands 87 24 - 95 13 0 - 25 Somalia 1,611 212 - 34 - .. - - South Africa 4,076 2,400 65,556 44,217 704 .. 5,250 6,766 Sri Lanka 17,667 1,086 10,512 9,928 1,599 333 1,891 1,174 St. Lucia 250 30 187 - 7 - - - St. Vincent and the Grenadines 336 23 - 7 53 - - - Sudan 10,998 531 - 4,517 141 .. - - Swaziland 328 65 - 11 89 .. - - Syrian Arab Republic 3,498 375 - - - .. - - Tajikistan 1,862 217 - 1,981 49 - - 505 Tanzania 9,812 515 - 4,110 824 - - 570 Thailand 5,483 1,304 26,873 35,047 398 .. 300 9,144 Togo 921 171 - 20 203 - - 3 Tonga 151 9 - 0 7 .. - - Tunisia 12,903 1,987 4,841 1,686 1,562 316 500 25 Turkey 30,929 1,440 101,075 174,210 3,300 .. 10,252 67,750 Turkmenistan 236 94 - 29 24 .. - 6 Uganda 5,447 233 440 3,325 787 - 85 151 Ukraine 15,006 13,075 24,827 44,927 643 995 1,000 2,268 Uzbekistan 7,165 353 - 8,418 1,236 .. - 1,565 Vanuatu 137 45 - - 23 - - - Venezuela, RB 8,754 3,419 32,735 39,291 554 .. - 84 Vietnam 40,357 423 1,756 30,409 4,282 .. 35 8,867 Yemen, Rep. 6,323 497 - - 24 - - - Zambia 3,718 813 3,000 1,006 768 - - 30 Zimbabwe 3,119 455 - 2,338 22 - - 941 Low & middle income 968,826 115,200 1,565,300 2,518,095 120,809 7,399 239,902 585,842 East Asia & Pacific* 189,882 17,663 461,896 625,396 16,390 0 62,129 205,515 Europe & Central Asia* 128,658 29,897 250,279 897,509 14,468 1,389 40,282 179,264 Latin America & Caribbean* 206,119 19,970 635,123 610,754 22,394 530 116,436 143,938 Middle East & North Africa* 101,819 13,124 44,982 17,388 20,551 3,126 6,082 2,847 South Asia 169,986 15,683 79,441 254,626 16,174 1,442 7,720 35,802 Sub-Saharan Africa* 172,364 18,863 93,579 112,422 30,831 912 7,253 18,476 Low income 83,047 7,952 3,595 16,750 9,372 632 86 2,267 Middle income 885,779 107,248 1,561,706 2,501,345 111,437 6,768 239,816 583,576 Lower middle income 541,474 55,011 316,028 594,438 73,465 6,032 37,078 117,533 Upper middle income 344,305 52,237 1,245,678 1,906,907 37,972 735 202,738 466,043
* Excluding high income
22 Distribution of long term principal payments Distribution of long term interest payments Distribution of long term principal payments Distribution of long term interest payments
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Afghanistan 15 21 - - 7.3 0.2 0 0 Albania 194 4 2 260 48.3 2.7 29.2 12.7 Algeria 94 .. - 204 11.2 1.4 0 10.5 Angola 3,198 124 - 2,440 1222.8 1.4 70 509.4 Argentina 3,519 .. 2,590 5,970 1018 2.4 10881.3 711 Armenia 72 36 - 1,101 57 2.5 77.8 100.8 Azerbaijan 347 .. - 884 65.4 0.2 62 109.4 Bangladesh 914 19 - 435 231.2 0.6 0 40.8 Belarus 1,167 .. - 3,513 467.2 0.4 71.6 479.2 Belize 42 .. - 9 15.5 0 26.3 5.8 Benin 52 10 - 1 27.7 0.1 0 0.5 Bhutan 37 .. - 5 31.4 0 0 3.7 Bolivia 279 .. - 272 130.7 0.2 54.1 26.7 Bosnia and Herzegovina 216 94 21 1,978 62.4 6.2 0.9 290 Botswana 131 .. - 9 18.2 0.1 0 0.3 Brazil 3,679 .. 23,774 67,257 972.7 3.4 7980.2 12652.6 Bulgaria 265 .. - 5,522 61.2 0.7 274.6 1829.9 Burkina Faso 69 20 - 2 30.8 0.1 0 0 Burundi 11 18 - - 32.6 0.1 0 0 Cabo Verde 26 .. - - 13.7 0 0 4.5 Cambodia 113 .. - 506 72.5 0.1 0 75.9 Cameroon 145 30 63 307 94.1 0.2 51.3 124.1 Central African Republic 4 19 - - 1.5 0.1 0 0 Chad 30 - - - 10.9 0.1 0 0 China 4,765 .. 14,828 71,450 1050.7 8.2 6120.4 3928.1 Colombia 1,607 .. 417 6,343 638.1 0.9 2446 1427.1 Comoros 4 2 - - 0.2 0 0 0 Congo, Dem. Rep. 262 78 - 12 80.1 0.6 0 0.1 Congo, Rep. 91 4 23 1 13 0.1 16.1 0 Costa Rica 287 .. - 1,434 95.9 0.2 510.6 448.2 Cote d'Ivoire 662 64 - 425 66.1 0.4 104.1 221 Djibouti 31 2 - 1 25.3 0 0 0.1 Dominica 16 2 0 2 5.1 0 1.3 0.6 Dominican Republic 802 114 - 1,665 274.4 0.8 746.5 235.6 Ecuador 1,218 .. - 2,588 689 0.3 159.1 625.5 Egypt, Arab Rep. 3,738 .. 1,250 122 740.4 1.1 174.2 48.7 El Salvador 424 .. 0 239 125 0.2 315.5 194.9 Eritrea 24 .. - - 3.6 0 0 0.2 Ethiopia 302 52 - 473 218.5 0.2 66.3 112.7 Fiji 98 .. - - 8.4 0.1 22.5 0 Gabon 77 .. - 71 29.2 0.2 148.3 5.5 Gambia, The 24 6 - 2 5.5 0 0 0 Georgia 130 14 196 1,414 51.3 1.3 129.7 691.8 Ghana 370 64 332 451 110.9 0.4 312.8 168.4 Grenada 18 5 0 2 6.4 0 0 3.5 Guatemala 348 .. - 1,769 235.2 0.2 179.5 538.8 Guinea 42 - 11 - 10.4 0.1 0 0
24 Distribution of long term principal payments Distribution of long term interest payments
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Guinea-Bissau 4 1 - - 0.6 0 0 0 Guyana 32 4 - 16 17.5 0.1 0 10.7 Haiti 65 3 - 1 19.2 0.1 0 0.2 Honduras 148 1 0 642 125.4 0.1 81.7 29.8 India 5,046 .. 8,626 52,300 885.5 4.7 812.6 7842.6 Indonesia 4,874 .. 2,364 49,975 1050 2.3 5695.7 3175.2 Iran, Islamic Rep. 198 .. - 1,766 6.6 1.7 0 75.8 Jamaica 259 6 832 114 78.2 7.6 563.7 25.2 Jordan 404 267 1,165 84 118.7 37.6 164.3 42.8 Kazakhstan 417 .. 1,482 15,514 111.8 0.4 1029 1526.6 Kenya 320 68 - 211 333.6 0.3 44.1 97.8 Kosovo 17 54 - 75 9.7 1.7 0 0.9 Kyrgyz Republic 89 21 - 254 46.7 0.1 0 27.8 Lao PDR 164 .. 64 98 108.4 0.1 34.4 80.5 Lebanon 173 .. 2,317 49 43.1 0.2 1698.1 6 Lesotho 40 3 - 0 14.2 0 0 0 Liberia 2 - - 6 3.1 0.1 0 0.6 Macedonia, FYR 153 .. - 550 25 0.1 36.6 62.6 Madagascar 70 15 - 15 19.5 0.1 0.1 0.3 Malawi 31 25 - - 16.9 0.1 0 0 Malaysia 278 .. 5,880 264 54.2 1.6 3189.4 149.4 Maldives 57 1 - 50 10 0 0 3.8 Mali 71 11 - 0 38.1 0.1 0 0 Mauritania 154 10 - - 61.3 0.1 0 0 Mauritius 106 .. - 1,611 26.9 0.1 0 277.8 Mexico 1,972 .. 27,4 87 29,670 794.9 3.3 14548.8 1956.4 Moldova 34 73 - 231 15.2 2.1 0 45.5 Mongolia 126 .. - 962 99.1 0.1 102.7 281.1 Montenegro 94 .. 197 114 24.4 0 50.9 14.1 Morocco 1,821 .. - 814 438.1 0.7 266.4 260.5 Mozambique 106 33 - 169 87.4 0.1 53.6 29.6 Myanmar 66 .. - 19 14.3 0.3 0 0.7 Nepal 169 18 - 0 35.3 0.1 0 0 Nicaragua 89 29 - 487 74.1 0.1 0 137.9 Niger 62 7 - - 27.1 0.1 0 0 Nigeria 167 .. 500 1,170 134.9 2 433.3 95.7 Pakistan 1,841 - 500 540 638.5 66.6 357.2 226 Panama 331 .. 3,654 435 137.7 0.2 825.9 70.1 Papua New Guinea 74 .. - 2,587 521.2 0.1 0 626.5 Paraguay 195 .. - 719 61.8 0.1 151.3 101 Peru 670 .. 1,298 2,481 181.4 0.7 1548 360.7 Philippines 1,275 .. 2,966 2,919 302.9 1 2608.8 452.7 Romania 827 134 1,803 14,001 337.2 1.4 945 563.2 Russian Federation 410 .. 3,939 47,206 40.5 6.7 1490.7 18080.7 Rwanda 83 2 - - 17.1 0.1 26.5 0 Samoa 16 2 - - 5.8 0 0 0 Sao Tome and Principe 1 1 - - 1 0 0 0
25 Distribution of long term principal payments Distribution of long term interest payments
Other private Other private Official creditors IMF credit Bond holders creditors Official creditors IMF credit Bond holders creditors
$ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Senegal 122 36 - 86 80.7 0.2 68.7 20 Serbia 812 16 - 4,212 198 0.6 419.6 299.9 Sierra Leone 22 1 - - 11.9 0.1 0 0 Solomon Islands 7 4 - 7 1.1 0 0 4 Somalia - .. - - 0 0.1 0 0 South Africa 139 .. 2,419 4,862 243.8 2.1 3375 795.9 Sri Lanka 920 455 333 447 326.6 6.2 571.7 90.6 St. Lucia 17 3 1 - 6.2 0 13.5 0 St. Vincent and the Grenadines 21 1 - 3 5.5 0 0 0.5 Sudan 226 10 - - 58.9 0.2 0 0 Swaziland 27 .. - - 8.2 0.1 0 1.4 Syrian Arab Republic - .. - - 0 0.3 0 0 Tajikistan 119 20 - 374 31.7 0.1 0 73.1 Tanzania 112 62 - 162 100.3 0.2 0 59.5 Thailand 429 .. 50 11,854 74 1.1 549.6 833.1 Togo 28 24 - 14 21.7 0.1 0 1 Tonga 12 .. - - 2.6 0 0 0 Tunisia 1,025 34 - 136 276.7 20.2 165.9 83.6 Turkey 2,482 .. 6,445 52,660 517.7 1.3 5212.2 5191.8 Turkmenistan 16 .. - 16 4.3 0.1 0 0.4 Uganda 46 0 - 733 55.4 0.2 6.5 1.2 Ukraine 1,144 - 1,200 5,968 210.2 217.7 1453.2 1282.5 Uzbekistan 296 .. - 707 85.8 0.3 0 266.7 Vanuatu 5 - - - 1.8 0.1 0 0 Venezuela, RB 1,830 .. 1,845 6,814 203.8 3 3750.1 2337 Vietnam 1,361 .. 446 3,925 582.6 0.4 102.9 725.8 Yemen, Rep. 98 10 - - 30.9 0.3 0 0 Zambia 112 69 - 97 67.3 0.6 237.4 36.6 Zimbabwe 22 87 - 880 17.1 0.4 0 77.5 Low & middle income 65,004 2,421 121,318 501,208 19626 439.7 83717 74559.2 East Asia & Pacific* 13,662 6 26,597 144,565 3949.5 15.5 18426.4 10333 Europe & Central Asia* 9,302 465 15,283 156,552 2471 246.6 11282.9 30949.5 Latin America & Caribbean* 17,867 168 61,899 128,930 5912 24.2 44783.5 21899.7 Middle East & North Africa* 7,582 313 4,732 3,175 1691 63.4 2468.8 527.9 South Asia 8,997 513 9,459 53,776 2165.7 78.4 1741.5 8207.6 Sub-Saharan Africa* 7,594 957 3,347 14,209 3436.9 11.5 5013.9 2641.5 Low income 1,850 551 11 2,554 980.5 3.7 221.7 303.2 Middle income 63,154 1,870 121,307 498,654 18645.5 436 83495.4 74256 Lower middle income 32,667 1,486 20,027 134,515 9895 375.2 14617.2 18737.8 Upper middle income 30,487 384 101,280 364,139 8750.5 60.8 68878.1 55518.2
* Excluding high income
26 Appendix About the Data
27
Data Sources and Methodology
Data Sources from which the tables in this publication and Debtor reporting system online database are produced. he principal sources of information for Data on exports and imports (on a balance Tthe tables in International Debt Statistics of payments basis), international reserves, cur- 2017 are reports to the World Bank through rent account balances, foreign direct investment the World Bank’s Debtor Reporting System (FDI) on equity, portfolio equity flows, and (DRS) from member countries that have received primary income of FDI are drawn mainly from either International Bank for Reconstruction the files of the IMF, supplemented by United and Development (IBRD) loans or International Nations Conference on Trade and Development Development Association (IDA) credits. The DRS (UNCTAD) reports and country data. Balance has its origin in the World Bank’s need to monitor of payments data are presented according to the and assess the financial position of its borrow- sixth edition of the IMF’s Balance of Payments ers. Since 1951, borrowers have been required Manual (BPM6). Official aid flows come from to provide statistics on their public external debt data collected and published by the Development and private sector debt that benefit from a public Assistance Committee (DAC) of the Organisation guarantee. In its design, consistency, and conti- for Economic Co-operation and Development nuity of coverage, the DRS is a unique resource. (OECD). Short-term external debt data are as Reporting countries submit detailed reports on reported by debtor countries or are estimates the annual status, transactions, and terms of the based on the Bank for International Settlements long-term external debt of public agencies and (BIS) quarterly series of commercial banks’ claims that of private ones guaranteed by a public agency on low- and middle-income countries. For some in the debtor country. The DRS maintains these countries, estimates were prepared by pooling records on a loan-by-loan basis. In 1973, coverage creditor and debtor information. Data on the of the DRS was expanded to include private sector gross national income of most low- and middle- nonguaranteed borrowing, but for this category of income countries are collected from national sta- debt, data are provided by borrowers in aggregate tistical organizations or central banks by visiting rather than loan by loan. Data submitted to the and resident World Bank missions. DRS are processed in the World Bank External Every effort has been made to ensure the Debt (WBXD) system, along with additional accuracy and completeness of the external debt information received from the files of the African statistics. Coverage has been improved through Development Bank, the Asian Development Bank, the efforts of the reporting agencies and close the Inter-American Development Bank (IDB), collaboration between the Bank and our part- the International Monetary Fund (IMF), institu- ners, Commonwealth Secretariat (COMSEC) tions of the World Bank Group (IBRD and IDA), and UNCTAD, which pro-vide debt recording and the European Bank for Reconstruction and and reporting systems across the globe, as well Development (EBRD). The WBXD is an internal as through the work of the World Bank missions, system of the World Bank. Among its outputs is which visit member countries to gather data and the International Debt Statistics (IDS) database, to provide technical assistance on debt issues.
29 INTERNATIONAL DEBT STATISTICS 2018
Nevertheless, quality and coverage vary among less repayments. Discrepancies will be particu- debtors and may also vary for the same debtor larly significant when exchange rates have moved from year to year. Data on long-term external sharply during the year. Projected debt service is debt reported by member countries are checked converted to U.S. dollars at rates in effect at the against, and supplemented by, data from several end of December 2016. other sources. Among these sources are the state- Beginning with 1991, all ruble debt owed to ments and reports of several regional development the former Soviet Union has been converted at a banks, government lending agencies, and official rate of US$1 = 0.6 ruble, except in cases where a government websites. bilateral agreement specifying a different conver- sion rate is in place. Adoption of this methodology does not constitute an endorsement by the World Methodology Bank staff of the appropriateness or validity of the exchange rate used. That matter must be resolved Aggregations bilaterally between the Russian Federation and its Total debt stock and other aggregate measures are debtor countries. derived from the summation of loan-level data on Starting with the 1988–89 edition of World stocks and flows after conversion to a common Debt Tables (a predecessor of IDS), all data per- currency. Other tabulations are compiled using taining to IBRD loans from 1985 onward are terms and conditions reported in the loan-level recorded at their current market value. Starting data, such as currency composition, cancellations, with the 1991–92 edition, all data pertaining rescheduling of other liabilities into long-term to Asian Development Bank loans from 1989 public and publicly guaranteed external debt, and onward are recorded at their current market value. debt buybacks. Starting with the 1998 edition, all data pertain- Aggregates for regional and income groups are ing to African Development Bank and African based on the World Bank’s operational classifica- Development Fund loans from 1997 onward are tions, which may differ from common geo-graphic recorded at their current market value. usage or income groups used by other organiza- tions. Country classifications of DRS reporting Debt stock and flow reconciliation countries in 2016 are shown in country groups in Because of currency conversions and the timing of the back of the publication. The same classification transactions, there may be differences between the is used for all historical data shown in International change in aggregate stocks from one period to the Debt Statistics and the online tables and online next and flows during the relevant period; changes database. in debt outstanding, including undisbursed amounts, will therefore differ from commitments Currency conversion less repayments. Data on external obligations are normally Changes in the stock of debt from one period reported to the World Bank in the currency of to the next can be attributed to five factors: the repayment and are converted into a common cur- net flow of debt, the net change in interest arrears, rency (U.S. dollars) using official exchange rates the capitalization of interest, a reduction in debt published by the IMF. resulting from debt forgiveness or other debt Commitments, disbursements, and debt ser- reduction mechanisms, and cross-currency valua- vice payments (flows) are converted to U.S. dollars tion effects. Any residual difference in the change at the annual average exchange rate for the year. in stock not explained by one of those five factors Debt outstanding (disbursed and undisbursed) at may indicate inconsistencies in the reported data the end of a given year (stock) is converted at the or specific phenomena prevailing in an individual exchange rate in effect at the end of the relevant country (for example, an incomplete historical year. Consequently, year-to-year changes in debt series for all categories of debt). Starting in 1989, outstanding and disbursed may not be equal to net the IDS includes the debt stock reconciliation, but flows (disbursements less principal repayments); not all components are shown in the IDS print edi- similarly, changes in debt outstanding (including tion and online tables. undisbursed debt) may not equal commitments
30 Data Sources and Methodology
External debt restructuring a decline in long-term external debt stock, but Starting in 1985, the WBXD includes information no flow transaction (principal repayment) will be on the restructuring of debt by official creditors recorded. in the context of the Paris Club, restructuring by commercial creditors, debt swap operations, buy- Projections of future disbursements and debt backs, and bond exchanges. It attempts to capture service payments accurately the effect of debt restructuring on both The WBXD system projects future disbursements external debt stocks and external debt flows, con- and future debt service payments on the assump- sistent with the terms on which the restructuring tion that every existing loan commitment will be takes place. In the compilation and presentation of fully used and repaid in full. external debt data, a distinction is made between cash flows and imputed flows. According to this Future disbursements criterion, restructured service payments and the Disbursement projections are made using one of shift in liabilities from one financial instrument to the following methods: another as a result of debt restructuring are con- These projected schedules are based on profiles sidered to be imputed flows. Both cash flows and derived from the disbursement pattern of com- imputed flows are recorded separately in WBXD. parable loans that fully disbursed. Thirty differ- The imputed flows and stock changes associ- ent profiles have been compiled corresponding ated with debt restructuring are included in the to each category of creditor and, in the case of IDS tables and online database to complement the official creditors, for concessional and nonconces- cash-basis transactions recorded in the main body sional loans. Each profile is derived by applying of the data. Such data encompass information on regression analysis techniques to a body of data the debt stock and debt flows restructured each on actual disbursements for each fully disbursed year, the amount of principal forgiven (interest loan in the WBXD database. The profiles are peri- forgiven is shown as a memorandum item), and odically updated to take into account the evolving the amount of external debt stock reduced either pattern of disbursements observed for fully dis- by forgiveness or by a debt buyback operation. bursed loans. Changes in creditors and debtors that result from Future principal payments are generated by debt restructuring are also reflected. For example, the WBXD system according to the repayment when insured commercial credits are rescheduled, terms of each loan. Principal repayments (amor- the creditor classification shifts from private to tization) are based on the amount of the loan official (bilateral), reflecting the assumption of commitment. If the amortization schedule fol- the assets by the official credit insurance agencies lows a set pattern (for example, equal semiannual in the creditor country. The IDS data will show a payments), the WBXD system calculates repay- reduction in the external debt owed to the original ments automatically using the loan commitment private creditors equal or similar to the amount amount, the first and final payment dates, and the of debt restructured and a corresponding increase frequency of the payments. If future payments are in the debt owed to the new official creditor. irregular, the WBXD system requires a schedule. Similarly on the debtor side, when a government Future interest payments are generated by accepts responsibility for the payment of restruc- the WBXD system according to the disbursed and tured debt previously owed by a private enterprise, outstanding balance of the loan at the beginning of the relevant change in the debtor category will be the period. Using the interest rate specified in the reflected. Likewise, if short-term external debt is loan contract, the first and final interest payment restructured into a long-term obligation, the stock dates, and the frequency of payments, the WBXD of short-term external debt will decline and the system calculates the stream of future interest pay- stock of long-term external debt will rise by the ments due. If interest payments are irregular, the amount of short-term debt restructured. In the WBXD system requires a schedule. event of a debt swap of long-term external debt Future debt service payments are the sum (external debt to equity, external debt for nature, of future principal and interest payments due or external debt for development), the face value on existing commitments, including the undis- of the external debt swapped will be recorded as bursed portion. They do not include debt service
31 INTERNATIONAL DEBT STATISTICS 2018
payments that may become due as a result of Total external debt new loans contracted in subsequent years, nor do Total external debt shown in the IDS is the sum of they take into account the effect of any change long-term external debt, short-term debt, and IMF to future debt service obligations resulting from credit. It represents the total debt owed to nonresi- actions such as prepayment or rescheduling or dent creditors and is repayable in both foreign and from cancellations that occurred after the most domestic currency. recent year-end data reported to the DRS. Both projected disbursements and future debt Short-term debt service payments are converted into U.S. dol- Short-term debt is defined as external debt with lars using end-December 2016 exchange rates. an original maturity of one year or less. The DRS Likewise, future interest payments on loans with requires debtor countries to report only on their a variable interest rate (for example, loans from long-term external debt. However, to gain a com- commercial banks tied to the London Interbank prehensive picture of total external obligations, Offered Rate [LIBOR]) are based on the interest the World Bank encourages debtor countries to rate prevailing at end-December 2016. voluntarily provide information on their short- term external obligations. Treatment of arrears By its nature, short-term external debt is dif- The DRS collects information on arrears of both ficult to monitor: Loan-by-loan registration is principal and interest. Principal in arrears is normally impractical, and monitoring systems included in the amount of long-term external debt typically rely on information requested periodi- outstanding and is shown separately. Interest in cally by the central bank from the banking sector. arrears on long-term external debt and interest The World Bank regards the debtor country as the in arrears on the use of IMF credit are included authoritative source of information on its short- as part of short-term external debt outstanding term debt. Unless otherwise specified in the coun- and are shown separately. Clearance of interest in try tables, the data for short-term debt are derived arrears by repayment will be recorded as an inter- from the data provided by the quarterly external est payment in the relevant creditor category of the debt statistics database (see QEDS). BIS data on loan (or loans) on which the arrears were incurred, international bank lending is the second source of as a corresponding reduction in the level of short- the short-term debt. These data are reported on term debt outstanding, and as a net reduction the basis of residual maturity, but an estimate of in interest arrears. Clearance of interest arrears short-term external liabilities by original matu- through debt restructuring or forgiveness will be rity can be derived by deducting from claims due recorded as a reduction in the level of short-term in one year those that, 12 months earlier, had a debt outstanding and a net reduction in interest maturity of between one and two years. However, arrears. When interests are rescheduled, they will not all commercial banks report to the BIS in a be capitalized: This change will be recorded as an way that allows the full maturity distribution to increase in long-term debt outstanding equal to the be determined, and the BIS data include liabili- amount of interest capitalized and the reduction in ties only to banks within the BIS reporting area. short-term debt out-standing noted previously. Consequently, the results should be interpreted with caution. The flow of short-term debt may be derived from the change in claims (stock) data in the BIS External Debt and Its Components quarterly series over consecutive periods, but valu- his section describes the compilation of the ation adjustments resulting from exchange rate Tmajor components of external debt included movements will affect the calculations, as will in the IDS tables and database and the relation- prepayment and refinancing of long-term maturi- ship between them, as shown in figure A.1 on the ties falling due. When short-term external debt next page. Information about general methods of has been rescheduled, lags in reporting and differ- compiling external debt data is discussed in the ences in the treatment of the rescheduled external previous section titled “Methodology.” For concise debt by debtors and creditors may result in double definitions, see the glossary. counting.
32 Data Sources and Methodology
Interest in arrears on long-term external debt in 1999) are presented together with all of the and interest in arrears on the use of IMF credit IMF’s special facilities (buffer stock, supplemental are added to short-term debt and are separately reserve, compensatory and contingency facilities, identified. oil facilities, and other facilities). SDR allocations are also included in this category. According to the BPM6, SDR allocations are recorded as the incur- Use of IMF credit rence of a debt liability of the member receiving Data related to the operations of the IMF are pro- them (because of a requirement to repay the allo- vided by the IMF Treasurer’s Department. They cation in certain circumstances, and also because are converted from special drawing rights (SDR) interest accrues). This debt item was introduced into dollars using end-of-period exchange rates for the first time in IDS 2013 with historical data for stocks and average-over-the-period exchange starting in 1999. rates for flows. IMF trust fund operations under the Enhanced Structural Adjustment Facility, Long-term debt Extended Fund Facility, Poverty Reduction and Long-term debt has an original maturity of more Growth Facility, and Structural Adjustment Facil- than one year. It comprises the obligations of both ity (Enhanced Structural Adjustment Facility public and private debtors. Private nonguaranteed
Figure A.1. External Debt and Its Components
Total external debt (EDT)
Short-term Long-term debt Use of IMF debt (LDOD) credits
by debtor
Private Public and publicly nonguaranteed debt guaranteed debt
by creditor
Official Private creditors creditors
Commercial Multilateral Bilateral Bonds Other banks
33 INTERNATIONAL DEBT STATISTICS 2018
debt comprises the external obligations of private reporting to the DRS and on the basis of the stock debtors that are not guaranteed for repayment by of debt outstanding. Interest payments are esti- a public entity in the debtor country. mated on the basis of the stock of debt outstand- Public and publicly guaranteed debt com- ing and interest rates prevailing in international prises the external obligations of public debtors capital markets. and has two components: (a) public debt, which is Balance of payments data provide a useful borrowing by the national government or agency, guideline in the estimation process: private non- by a political subdivision or agency, or by autono- guaranteed external debt may be derived as a mous public bodies, and (b) publicly guaranteed residual between net long-term external borrow- debt, which is borrowing by a private agency that ing recorded in the balance of payments and net is guaranteed for repayment by a public entity. long-term public and publicly guaranteed external debt reported to the DRS. Private nonguaranteed debt The DRS reporting requirements were expanded Public and publicly guaranteed debt in 1973 to include long-term private nonguar- Data related to public and publicly guaranteed anteed debt. Data are reported annually on an debt are reported to the DRS on a loan-by-loan aggregate basis and include, for the reporting basis. The data provide annual information on year, the total amount of disbursed and outstand- the disbursed and outstanding balance and the ing debt; the amount of disbursements, principal undisbursed balance of each loan, the cumulative repayments, and interest payments; the principal disbursements, the principal and interest paid and and interest rescheduled; and the projected prin- principal and interest restructured in the reporting cipal and interest payments for future years. The year, and the stock of any outstanding payment’s aggregate data are usually reported in U.S. dollars, arrears of principal and interest. Detailed informa- and no information on the underlying currency tion on the terms and conditions of each loan is composition is given. also reported. Public debt and publicly guaranteed DRS reporting countries recognize the impor- debt are shown as a single line in this publication tance of monitoring borrowing by their private and then further disaggregated by creditor type sector, particularly when it constitutes a significant and, in the case of private creditors, by type of portion of total external debt, but many coun- credit instrument. tries acknowledge the difficulty of this process. Detailed data are available only when countries Official creditors have registration requirements for private non- Official creditors include multilateral and bilateral guaranteed debt in place, most commonly in con- lenders. In general, official creditors provide loans nection with exchange controls. When for-mal (and, in some cases, provide grants) to public bod- registration of private nonguaranteed debt is not ies, although in some cases they may lend to other mandatory, compilers must rely on balance of pay- entities with a public guarantee. ments data and financial surveys. Multilateral creditors are international finan- The data on private nonguaranteed debt in cial institutions such as the World Bank, regional this publication is as reported or as estimated for development banks, and other multilateral and countries where this type of external debt is known intergovernmental agencies whose lending is to be significant. The estimation of private non- administered on a multilateral basis. Funds admin- guaranteed debt is based on the national data on istered by an international financial organization quarterly external debt statistics (QEDS) or IMF on behalf of a single donor government constitute data. Flows are derived from the change in stock bilateral loans (or grants). For lending by a num- over consecutive periods and are adjusted for the ber of multilateral creditors, the data presented effects of exchange rate movements (assuming the in this publication are taken from the credi- currency composition mirrors that of public and tors’ records. Such creditors include the African publicly guaranteed debt) and for any known debt Development Bank, the Asian Development Bank, restructuring. Principal repayments are estimated the IDB, IBRD, and IDA. (IBRD and IDA are insti- on the basis of the average maturity observed tutions of the World Bank.) for loans to private sector borrowers in countries
34 Data Sources and Methodology
Bilateral creditors are governments and includes only publicly guaranteed creditors. Non- their agencies, including central banks, aid agen- guaranteed private creditors are shown separately. cies, official export credit agencies, and autono- Bonds include publicly issued or privately placed mous agencies such as the U.S. Department of bonds. Agriculture or the Federal Home Loan Bank. Commercial bank loans are loans from pri- Member countries of the OECD Development vate banks and other private financial institutions. Assistance Committee (DAC) and some other Credits of other private creditors include countries also report information on loans credits from manufacturers, exporters, and other extended bilaterally or officially guaranteed to the suppliers of goods, plus bank credits covered by a Creditor Reporting System of the OECD. guarantee of an export credit agency. This line is included in the online database but is not shown in Private creditors the published tables. It can be obtained as the dif- Private creditors include commercial banks, bond- ference between (a) credits of total private credi- holders, and other private creditors. This line tors and (b) bonds and commercial bank loans.
Data Documentation Country Specific Notes on Debt
Country Country Notes
Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Afghanistan ing agreements signed in 2010 and HIPC and MDRI debt relief.
Angola Short-term debt before 2009 is based on data from the BIS.
Long-term private nonguaranteed debt data before 2008 are World Bank staff estimates. Short-term Argentina debt before 2010 is based on data from the BIS.
Long-term private nonguaranteed debt data from 2011 are World Bank staff estimates based on Armenia reports provided by the country.
Long-term private nonguaranteed debt data are World Bank staff estimates based on the market data. Azerbaijan Short-term debt is based on data from the BIS.
Short-term debt before 2012 is based on data from the BIS. Long-term private nonguaranteed debt Bangladesh data from 2007 are World Bank staff estimates based on reports provided by the country and are not available prior to 2007.
Long-term private nonguaranteed debt data from 2014 are World Bank staff estimates based on Belarus reports provided by the country.
Belize Long-term private nonguaranteed debt data from 2008 are based on Central Bank data.
Short-term debt is based on data from the BIS. Short-term figures were revised with data from the Benin BIS. Data include the effects of Paris Club debt restructuring agreement and HIPC and MDRI debt relief.
Bhutan Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data from 2005 are World Bank staff estimates. Short-term Bosnia and Herzegovina debt is based on data from the BIS.
35 INTERNATIONAL DEBT STATISTICS 2018
Country Country Notes
Long-term private nonguaranteed debt data from 2008 are World Bank staff estimates based on reports provided by the country. Short-term debt before 2009 is World Bank staff estimates based on Bulgaria Central Bank data. The data may include long-term public and publicly guaranteed debt owed by the state-owned railway.
Burkina Faso Short-term debt before 2009 is based on data from the BIS. Data include HIPC and MDRI debt relief.
Burundi Data include the effects of Paris Club debt restructuring agreement and HIPC and MDRI debt relief.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Cambodia by the country. Data include MDRI debt relief.
Cameroon Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
Central African Republic Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
Long-term public and publicly guaranteed debt data for 2016 are World Bank staff estimates based Chad on the original terms of the loans. Short-term debt is based on data from the BIS. Data include the effects of HIPC debt relief.
Long-term public and publicly guaranteed and long-term private nonguaranteed are World Bank staff China estimates based on the aggregate reports provided by the country and market data.
Data include the effects of Paris Club debt restructuring agreements signed in 2010 and 2013, and Comoros the HIPC debt relief.
Congo, Democratic Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Republic of ing agreement and HIPC and MDRI debt relief.
Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Congo, Republic of ing agreement and HIPC and MDRI debt relief.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Costa Rica by the country. Short-term debt before 2005 is based on data from the BIS.
Long-term private nonguaranteed debt data are World Bank staff estimates. Short-term debt is based Côte d’Ivoire on data from the BIS. Data include the effects of Paris Club agreement signed in 2011, 2012 and HIPC and MDRI debt relief.
Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Djibouti ing agreement signed in 2008.
Long-term private nonguaranteed debt data are based on country reports. Short-term debt before Dominican Republic 2009 and 2014 onward is based on data from the BIS. Data include the effects of Paris Club debt restructuring agreement signed in 2005.
Long-term private nonguaranteed debt data from 2005 are World Bank staff estimates based on El Salvador reports provided by the country.
Long-term public and publicly guaranteed debt from 2010 are World Bank staff estimates. Short-term Eritrea debt is based on data from the BIS.
Ethiopia Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
36 Data Sources and Methodology
Country Country Notes
Long-term private nonguaranteed debt data for 2012 are World Bank staff estimates. Short-term debt Fiji is based on data from the BIS.
Long-term public and publicly guaranteed debt data before 2008 are World Bank staff estimates Gabon based on reports provided by the country. Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt buyback agreement signed in 2007.
Gambia, The Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
Long-term private nonguaranteed debt data only cover bonds. Short-term debt is based on data from Ghana the BIS. Data include the effects of MDRI debt relief.
Long-term private nonguaranteed debt data for 2016 are World Bank staff estimates based on market Grenada data. Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Guatemala by the country. Short-term debt before 2012 is based on data from the BIS.
Long-term public and publicly guaranteed debt for 2016 are World Bank staff estimates. Short-term Guinea debt is based on data from the BIS. Data include the effects of Paris Club debt restructuring agree- ment signed in 2010, 2012 and HIPC debt relief.
Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Guinea-Bissau ing agreement and HIPC and MDRI debt relief.
Long-term private nonguaranteed debt data for 2014, 2015 and 2016 are World Bank staff estimates Guyana based on market data. Short-term debt is based on data from the BIS. Principal payment shown from 2012 include rice for oil deal. Data include the effects of HIPC and MDRI debt relief.
Long-term private nonguaranteed debt data only cover IDB loans. Short-term debt before 2007 is Haiti based on data from the BIS. Data include the effects of Paris Club restructuring agreements signed in 2006 and 2009 and HIPC and MDRI debt relief.
Honduras Data include the effects of HIPC and MDRI debt relief.
Hungary Country graduated in 2014
External debt data prior to 2003 are revised from fiscal year to calendar year. Long-term public and India publicly guaranteed bonds include Foreign Institutional Investor debt (FII) as reported by the Reserve Bank of India.
Iran, Islamic Republic of Short-term debt is based on Central Bank data.
Jamaica Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data from 2001 are based on reports provided by the country. Jordan Short-term debt before 1999 is based on data from the BIS.
Long-term private nonguaranteed debt data are World Bank staff estimates based on market data. Kenya Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Kyrgyz Republic by the country.
37 INTERNATIONAL DEBT STATISTICS 2018
Country Country Notes
Lao People’s Democratic Long-term private nonguaranteed debt data are World Bank staff estimates. Short-term debt is based Republic on data from the BIS.
Long-term private nonguaranteed debt only cover Bonds. Short-term debt is based on data from the Lebanon BIS.
Large interest payment was made during 2007 to a creditor country to settle a long standing claim. Lesotho Short-term debt is based on data from the BIS.
Long-term public and publicly guaranteed debt data before 2011 are revised based on reports pro- Liberia vided by the country. Data include the effects of Paris Club rescheduling agreement signed in 2008 and 2010, and HIPC and MDRI debt relief.
Madagascar Data include the effects of HIPC and MDRI debt relief.
Short-term debt is based on data from the BIS. Data include the effects of Paris Club rescheduling Malawi agreement signed in 2006 and HIPC and MDRI debt relief.
Long-term public and publicly guaranteed, long-term private nonguaranteed, and short-term debt data Malaysia are World Bank staff estimates based on reports
Long-term private nonguaranteed and short-term debt data from 2006 are World Bank staff estimates Maldives based on reports provided by the country. Short-term debt is based on data from the BIS.
Short-term debt is based on data from the BIS. The data for Principal Arrears on long-term are revised Mali from 2001. Data include the effects of HIPC and MDRI debt relief.
Mauritania Short-term debt is based on data from the BIS. Data include the effects of MDRI debt relief.
Long-term private nonguaranteed debt data from 2009 to 2010 are based on reports provided by the country and do not include offshore liabilities and 2011-2016 are World Bank staff estimates based Mauritius on reports provided by the country. Short-term debt is based on reports provided by the country and includes offshore liabilities.
Long-term private nonguaranteed debt data from 2008 are World Bank staff estimates based on Mongolia reports provided by the country. Short-term debt before 2008 is based on data from the BIS.
Montenegro Short-term debt is based on data from the BIS.
Morocco Short-term debt before 2009 is based on data from the BIS.
Mozambique Short-term debt is based on data from the BIS. Data include HIPC and MDRI debt relief.
Fiscal year-end for external debt data is March. Long-term public and publicly guaranteed, long-term Myanmar private nonguaranteed debt data are World Bank staff estimates based on the original terms of the loans.
Nepal Short-term debt before 2013 is based on data from the BIS.
Short-term debt before 2006 is based on data from the BIS. Data include the effects of HIPC and Nicaragua MDRI debt relief.
Niger Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
38 Data Sources and Methodology
Country Country Notes
Long-term public and publicly guaranteed debt data for 2015 and 2016 are World Bank staff esti- mates based on the original terms of the loans. Long-term private nonguaranteed debt data from Nigeria 2005 are estimates based on Central Bank and market data. Short-term debt is revised from 2001 based on reports provided by the country.
Long-term private nonguaranteed debt data from 2006 World Bank staff estimates based on the Pakistan reports provided by the country. Short-term debt before 2010 is based on data from the BIS.
Long-term private nonguaranteed debt data before 2008 only cover Inter-American Development Bank Panama and Bonds, from 2008 to 2013 data are world Bank Staff estimates based on National Institute of Statistics and Census data while from 2014, data are based on reports provided by the country.
Papua New Guinea Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data from 2002 are estimates based on Central Bank data. Paraguay Short-term debt is based on data from the BIS until 2002 and on Central Bank data from 2003.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Peru by the country.
Long-term private nonguaranteed debt data no longer include unregistered debt and are revised from Philippines 2005 based on the reports provided by the country.
Long-term public and publicly guaranteed and long-term private nonguaranteed debt are World Bank Russia Federation staff estimates based on reports provided by the country.
Data include the effects of HIPC and MDRI debt relief. Short-term debt before 2016 is based on data Rwanda from the BIS.
Short-term debt data are excluded since BIS data include debt liabilities of offshore centers located Samoa in the country. BIS short-term debt data for 2014, 2015, and 2016 are $4.5 billion, $4.6 billion and $4.0 billion, respectively.
São Tomé and Principe Short-term debt is based on data from the BIS. Data include HIPC and MDRI debt relief.
Senegal Short-term debt before 2009 is based on data from the BIS.
Beginning 2006, the data for Serbia exclude Montenegro. Short-term debt before 2014 is World Bank Serbia staff estimates based on Central Bank data.
Sierra Leone Short-term debt is based on data from the BIS.
Long-term public and publicly guaranteed debt data are World Bank staff estimates based on the Somalia original terms of the loans.
Long-term public and publicly guaranteed and long-term private nonguaranteed debt data are World South Africa Bank staff estimates based on reports provided by the country.
St. Lucia Short-term debt before 2012 is based on data from the BIS.
Short-term debt data are excluded since BIS data include debt liabilities of offshore centers located in St. Vincent and the the country. BIS short-term debt data for 2011, 2012, 2013, 2014, 2015 and 2016 are $362 million, Grenadines $422 million, $474 million, $1223 million, $696 million and $795 million respectively.
Long-term public and publicly guaranteed debt data exclude penalty interest. Short-term debt is based Sudan on data from the BIS.
39 INTERNATIONAL DEBT STATISTICS 2018
Country Country Notes
Swaziland Short-term debt is based on data from the BIS.
Long-term public and publicly guaranteed debt data are World Bank staff estimates. Short-term debt Syrian Arab Republic is based on data from the BIS.
Long-term private nonguaranteed debt data from 2013 are World Bank staff estimates based on Tajikistan reports provided by the country. Short-term debt is based on data from the BIS. Data include MDRI debt relief.
Long-term public and publicly guaranteed debt data for 2016 are World Bank staff estimates based on the original terms of the loans. Long-term public and publicly guaranteed debt data include debt Tanzania liabilities of Zanzibar. Long-term private nonguaranteed debt data from 2004 to 2007 and 2016 are World Bank staff estimates and from 2008 to 2015 are reported by Central Bank. Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
Short-term debt is based on data from the BIS. Data include the effects of Paris Club debt restructur- Togo ing agreement and HIPC and MDRI debt relief.
Long-term public and publicly guaranteed debt data for 2016 are World Bank staff estimates based on Tonga the original terms of the loans. Short-term debt is based on data from the BIS.
Long-term private nonguaranteed debt data from 2008 are estimates based on reports provided by Tunisia the country.
Long-term public and publicly guaranteed debt data include nonresident deposits made under the Turkey Dresdner Bank scheme, amounting to $0.7 billion at end-2016.
Long-term public and publicly guaranteed debt from 2010 are World Bank staff estimates. Long-term Turkmenistan private nonguaranteed debt data (excluding bonds) only cover European Bank for Reconstruction and Development lending.
Long-term private nonguaranteed debt data are World Bank staff estimates based on reports provided Uganda by the country. Data include the effects of HIPC and MDRI debt relief.
Uzbekistan Short-term debt is based on data from the BIS.
Long-term public and publicly guaranteed debt data from 2010 to 2015 are World Bank staff esti- Vanuatu mates based on the original terms of the loans. Short-term debt is based on data from the BIS.
Long-term public and publicly guaranteed debt data for 2016 are World Bank staff estimates based Venezuela, República on the original terms of the loans. Long-term private nonguaranteed debt data from 2004 to 2015 Bolivariana de are based on Central Bank data. Long-term private nonguaranteed and short-term debt debt data for 2016 are World Bank staff estimates based on the IMF’s Balance of Payments Statistics.
Vietnam Short-term debt is based on data from the BIS.
Yemen, Republic of Short-term debt is based on data from the BIS.
Long-term private nonguaranteed data are World Bank staff estimates based on reports provided by Zambia the country. Short-term debt is based on data from the BIS. Data include the effects of HIPC and MDRI debt relief.
Long-term private nonguaranteed data are World Bank staff estimates based on reports provided by Zimbabwe the country. Data from 2001 include late interest fee owed to Paris Club and Commercial Creditors. Short-term debt is based on data from the BIS.
40 Data Sources and Methodology
Sources of the Macroeconomic based on IMF balance of payments statistics. Indicators Data on foreign direct investments and current he macroeconomic data are prepared by account balance are prepared by World Bank staff TThe World Bank from a variety of sources. based on IMF balance of payments statistics and Data on Personal Transfers and Compensation UNCTAD publication. Other macroeconomic of Employees are prepared by World Bank staff data are from IMF balance of payments statistics.
Data on portfolio equity are based on countries’ balance of payments statistics for the following countries:
Belize (2016) Honduras (from 2009) Nigeria (2016)
Dominica (from 2014) Kenya (2015) Nicaragua (2016)
El Salvador (2016) Kosovo (from 2014) Paraguay (2016)
Grenada (from 2014) Mozambique (from 2010) St. Lucia (from 2014)
Fiji (2016) Malawi (2016) St. Vincent and the Grenadines (2016) Guatemala (from 2008)
Data on foreign direct investment are based on countries’ balance of payments statistics for the following countries:
Cambodia (2016) Grenada (from 2014) St. Lucia (from 2014) Dominica (from 2014) Malawi (2016) St. Vincent and the Grenadines (2016) Fiji (2016) Nigeria (2016)
Data on current account balance are based on countries’ balance of payments statistics for the following countries:
Algeria (2016) Fiji (2016) Nigeria (2016) Angola (2016) Ghana (2016) Papua New Guinea (from 2015) Burundi (2016) Guinea-Bissau (2016) Samoa (2016) Benin (2016) Grenada (from 2014) Senegal (from 2015) Burkina Faso (from 2015) Guyana (2016) St. Lucia (from 2014) Cameroon (2016) Iran, Islamic Republic of (from 2010) St. Vincent and the Grenadines (from 2014) Central African Republic (from 2005) Kenya (from 2015) Swaziland (from 2015) Chad (2015-2014) Liberia (2016) Togo (2016) Comoros (2013-2015) Mali (from 2015) Tonga (from 2014) Cote d' Ivoire (2016) Malawi (from 2014) Tunisia (2016) Djibouti (2016) Mauritania (2007-11) Vanuatu (2016) Dominica (from 2014) Niger (2016) Zimbabwe (2016) Eritrea (from 2015)
41 INTERNATIONAL DEBT STATISTICS 2018
Data on exports of goods, services and primary income are based on countries’ balance of payments sta- tistics for the following countries:
Algeria (2016) Iran, Islamic Republic of (from 2010) St. Lucia (from 2014) St. Vincent and the Grenadines (from Angola (2016) Kenya (from 2015) 2014) Comoros (2013-14) Malawi (2016) Swaziland (2016) Dominica (from 2014) Nigeria (2016) Tonga (from 2014) Fiji (2016) Papua New Guinea (2016) Tunisia (2016) Ghana (2016) Samoa (2016) Vanuatu (2016) Grenada (from 2014) Senegal (2015)
Data on imports of goods, services and primary income are based on countries’ countries’ balance of pay- ments statistics for the following countries:
Algeria (2016) Kenya (from 2015) St. Lucia (from 2014) St. Vincent and the Grenadines (from Angola (2016) Liberia (2016) 2014) Comoros (2013-14) Mali (2015) Swaziland (2016) Dominica (from 2014) Malawi (2016) Tonga (from 2014) Fiji (2016) Nigeria (2016) Tunisia (2016) Ghana (2016) Papua New Guinea (2016) Vanuatu (2016) Grenada (from 2014) Samoa (2016) Iran, Islamic Republic of (from 2011) Senegal (2015)
Data on direct investment income are based on countries’ countries’ balance of payments statistics for the following countries:
Dominica (from 2014) Grenada (from 2014) St. Lucia (from 2014) St. Vincent and the Grenadines (from Fiji (2016) Nigeria (2016) 2014)
42 Data Sources and Methodology
Country Groups
Regional Groups East Asia and Pacific Russian Federation (P) Middle East and North Africa Congo, Dem. Rep. (P) Cambodia (A) Serbiaa,b (A) Algeria (A) Congo, Rep. (A)
China (P) Tajikistan (A) Djibouti (A) Côte d’Ivoire (A)
Fiji (A) Turkey (A) Egypt, Arab Rep. (A) Eritrea (E)
Indonesia (A) Turkmenistan (E) Iran, Islamic Rep. (A) Ethiopia (A) Lao PDR (A) Ukraine (A) Jordan (A) Gabon (A) Malaysia (E) Uzbekistan (A) Lebanon (A) Gambia, The (A) Mongolia (A) Morocco (A) Ghana (A) Myanmar (E) Latin America and the Caribbean Syrian Arab Republic (E) Guinea (E) Papua New Guinea (A) Argentina (A) Tunisia (A) Guinea-Bissau (A) Philippines (A) Belize (A) Yemen, Rep. (A) Kenya (A) Samoa (A) Bolivia (A) Lesotho (A) Solomon Islands (A) Brazil (A) South Asia Liberia (A) Thailand (A) Colombia (A) Afghanistan (A) Madagascar (A) Tonga (E) Costa Rica (A) Bangladesh (A) Malawi (A) Vanuatu (P) Dominica (A) Bhutan (A) Mali (A) Vietnam (A) Dominican Republic (A) India (A) Mauritania (A) Ecuador (A) Maldives (A) Mauritius (A) Europe and Central Asia El Salvador (A) Nepal (A) Mozambique (A) Albania (A) Grenada (A) Pakistan (A) Niger (A) Armenia (A) Guatemala (A) Sri Lanka (A) Nigeria (E) Azerbaijan (A) Guyana (A) Rwanda (A) Belarus (A) Haiti (A) Sub-Saharan Africa São Tomé and Príncipe (A) Bosnia and Herzegovinaa (A) Honduras (A) Angola (A) Senegal (A) Bulgaria (A) Jamaica (A) Benin (A) Sierra Leone (A) Georgia (A) Mexico (A) Botswana (A) Somalia (E) Kazakhstan (A) Nicaragua (A) Burkina Faso (A) South Africa (P) Kosovo (A) Panama (A) Burundi (A) Sudanc (P) Kyrgyz Republic (A) Paraguay (A) Cabo Verde (A) Swaziland (A) Macedonia, FYR (A) Peru (A) Cameroon (A) Tanzania (E) Moldova (A) St. Lucia (A) Central African Republic (A) Togo (A) Montenegro (A) St. Vincent and the Grenadines (A) Chad (E) Uganda (A) Romania (A) Venezuela, RB (E) Comoros (A) Zambia (A) Zimbabwe (A) Note: Letters in parenthesis indicate DRS reporters’ status: (A) as reported, (P) preliminary, and (E) estimated. The status “as reported” indicates that the country was fully current in its reporting under the DRS and that World Bank staff are satisfied that the reported data give an adequate and fair representation of the country’s total public debt. “Preliminary” data are based on reported or collected information, but because of incompleteness or other reasons, an element of staff estimation is included. “Estimated” data indicate that countries are not current in their reporting and that a significant element of staff estimation has been necessary in producing the data tables. a. For Bosnia and Herzegovina, total debt before 1999, excluding IBRD and IMF obligations and short-term debt, is included under Serbia. b. Data prior to 2006 include Montenegro. c. Data include South Sudan.
43 INTERNATIONAL DEBT STATISTICS 2018
Income Groups
Regional Groups Low-income countries Middle-income countries Georgia Panama Afghanistan Albania Ghana Papua New Guinea
Benin Algeria Grenada Paraguay
Burkina Faso Angola Guatemala Peru
Burundi Argentina Guyana Philippines Central African Republic Armenia Honduras Romania Chad Azerbaijan India Russian Federation Comoros Bangladesh Indonesia Samoa Congo, Dem. Rep. Belarus Iran, Islamic Rep. São Tomé and Príncipe Eritrea Belize Jamaica Serbia Ethiopia Bhutan Jordan Solomon Islands Gambia, The Bolivia Kazakhstan South Africa Guinea Bosnia and Herzegovina Kenya Sri Lanka Guinea-Bissau Botswana Kosovo St. Lucia St. Vincent and the Haiti Brazil Kyrgyz Republic Grenadines Liberia Bulgaria Lao PDR Sudan Madagascar Cabo Verde Lebanon Swaziland Malawi Cambodia Lesotho Syrian Arab Republic Mali Cameroon Macedonia, FYR Tajikistan Mozambique China Malaysia Thailand Nepal Colombia Maldives Tonga Niger Congo, Rep. Mauritania Tunisia Rwanda Costa Rica Mauritius Turkey Sierra Leone Côte d’Ivoire Mexico Turkmenistan Senegal Djibouti Moldova Ukraine Somalia Dominica Mongolia Uzbekistan Tanzania Dominican Republic Montenegro Vanuatu Togo Ecuador Morocco Venezuela, RB Uganda Egypt, Arab Rep. Myanmar Vietnam Zimbabwe El Salvador Nicaragua Yemen, Rep. Fiji Nigeria Zambia Gabon Pakistan
Note: Low-income countries are those with a GNI per capita of $1,005 or less in 2016. Middle-income countries are those with a GNI per capita of more than $1,006 but less than $12,235. Italicized countries are IDA-only countries as of July 1, 2017; IDA-only excludes blend and IBRD countries.
44 Glossary
Glossary
Debt Reporting System (DRS) Average terms of new commitments provide infor- Currency composition of public and publicly guar- mation on the interest rate, maturity, and grace pe- anteed debt provides information on the share of riod of new commitments on public and publicly loans outstanding and disbursed by currency of re- guaranteed external debt contracted with public payment. For major multilateral creditors, the cur- and private creditors. Averages are weighted by rency composition of the relevant unit of account the amounts of the loans. is also taken into account. The principal currencies in which the external debt of low- and middle- Bilateral official creditors are official agencies that income countries is contracted (the euro, Japanese make loans on behalf of one government to an- yen, U.S. dollar, SDR, and all other currencies) are other government or to public (and, in some cases, separately identified. Beginning in 2001, debt de- private) borrowers in another country. nominated in the currencies of the members in the Euro Area is included under the euro rather than Bonds are debt instruments issued by public and the national currencies that previously prevailed. publicly guaranteed or private debtors with dura- tions of one year or longer. Bonds usually give the Current account balance shows the difference be- holder the unconditional right to fixed money in- tween the sum of exports and income receivable come or contractually determined, variable money and the sum of imports and income payable (ex- income. ports and imports refer to both goods and services, while income refers to both primary and second- Commercial banks are private banks that provide ary income). loans and other financial services. Debt buyback is the repurchase by a debtor of Commitments of public and publicly guaranteed its own debt, either at a discount price or at par debt constitute the total amount of new long-term value. In the event of a buyback of long-term debt, loans to public sector borrowers or borrowers the face value of the debt bought back will be with a public sector guarantee extended by official recorded as a decline in stock outstanding of long- and private lenders and for which contracts were term debt, and the cash amount received by credi- signed in the year specified. tors will be recorded as a principal repayment. For example, if a country buys back long-term exter- Concessional debt conveys information about nal debt of face value B at a price P, then long-term the borrower’s receipt of aid from official lend- external debt will decline by B, and principal re- ers at concessional terms as defined by the DAC, payment will increase by P. The difference between that is, loans with an original grant element of the price at which the debt was bought back and 25 percent or more. Loans from major regional the face value is recorded as a debt stock write-off development banks—African Development Bank, (the related transactions are not separately identi- Asian Development Bank, and the Inter-American fied in the International Debt Statistics [IDS] pub- Development Bank—and from the World Bank are lication but are available in the online database). classified as concessional according to each institu- tion’s classification and not according to the DAC Debt forgiveness grants include both debts canceled definition, as was the practice in earlier reports. by agreement between debtor and creditor and reductions in the net present value of official non- Contractual obligations on outstanding long-term concessional loans resulting from concessional external debt are the anticipated debt service pay- rescheduling or refinancing. Data are recorded on ments on long-term external debt contracted up to a disbursement basis and include debt forgiveness December 31 of the reporting year. from bilateral and multilateral creditors.
45 INTERNATIONAL DEBT STATISTICS 2018
Debt outstanding and disbursed is the value at is the sum of equity capital, reinvestment earn- year’s end of long-term external debt owed by ings, and other capital. Direct investment is a public and publicly guaranteed debtors and pri- category of cross-border investment associated vate nonguaranteed debtors. with a resident in one economy having control or a significant degree of influence on the manage- Debt restructurings are revisions to debt service ment of an enterprise that is resident in another obligations agreed on by creditors and debtors. economy. Ownership of 10 percent or more of the Such agreements change the amount and timing of ordinary shares or voting stock is the criterion for future principal and interest payments. determining the existence of a direct investment relationship. Debt service to exports is the ratio of the sum of principal repayments and interest paid on total Grace period is the time between the date on long-term debt (public and publicly guaranteed which a loan is committed and the date on which debt and private nonguaranteed debt) to the value the first principal payment is due. The information of exports of goods and services and receipts of presented in International Debt Statistics is the av- primary income from abroad. erage grace period on all public and publicly guar- anteed debt committed during the specified period. Debt stock-flow reconciliation shows the indica- tors that affect the change in debt stocks from one Grants are legally binding commitments that period to the next. obligate a specific value of funds available for disbursement for which there is no payment re- Disbursements are drawings during the year speci- quirement. They include debt forgiveness grants fied on loan commitments contracted by the bor- and grants from bilateral and multilateral agencies rower. (such as the International Development Associa- tion). Exports of goods, services, and primary income constitute the total value of exports of goods and Gross national income (GNI) is the sum of value services, and primary income. added by all resident producers, plus any product taxes (less subsidies) not included in the valuation External debt flows are debt-related transactions of output, plus net receipts of primary income during the year specified. They include disburse- compensation of employees and property income ments, principal repayments, and interest pay- from abroad. Yearly average exchange rates are ments. used to convert GNI from local currency to U.S. dollars. External debt stocks comprise public and publicly guaranteed long-term external debt, private non- Heavily Indebted Poor Country (HIPC) Initiative guaranteed long-term external debt, use of IMF is a program of the World Bank and the Interna- credit, and short-term external debt, including tional Monetary Fund (IMF) to provide debt relief interest arrears on long-term debt. The relation to qualifying countries with unsustainable debt between external debt stock and its components is burdens. illustrated on page 163 (figure A.1). Imports of goods, services, and primary income External debt stocks to exports is the ratio of out- constitute the total value of goods and services im- standing external debt to the value of exports of ported and income payable to nonresidents. Inter- goods and services and receipts of primary income est arrears on long-term debt are interest payments from abroad. due but not paid, shown on a cumulative basis.
External debt stocks to GNI is the ratio of out- Interest arrears are due and payable immediately standing external debt to gross national income. and are therefore regarded as short-term obliga- Foreign direct investment refers to direct invest- tions. Thus, an increase in interest arrears on ment equity flows in the reporting economy. It long-term debt will be recorded as an increase in
46 Glossary
short-term debt. Interest in arrears on the use of Long-term private sector debt is long-term debt IMF credit is also considered to be part of short- owed by the private sector, whether publicly guar- term external debt. anteed or not.
Interest payments are the amounts of interest paid Long-term public sector debt is long-term external in foreign currency, goods, or services in the year debt owed by the public sector. specified. Maturity is the date on which the final principal Interest rate is the interest rate applicable to a repayment on a loan is due. It is the sum of the loan commitment as specified in the loan contract. grace and repayment periods. The information The information presented in International Debt presented in International Debt Statistics is the Statistics is the average interest on all public and average maturity on all public and publicly guar- publicly guaranteed debt committed during the anteed debt committed during the specified period. specified period. Multilateral Debt Relief Initiative (MDRI) is a International Bank for Reconstruction and Devel- program of the World Bank, the IMF, the Inter- opment (IBRD) is a multilateral official creditor. American Development Bank, and the African IBRD is the nonconcessional lending arm of the Development Bank that provides additional debt World Bank Group. relief to countries that have completed the HIPC process. International Development Association (IDA) is a multilateral official creditor. It is the concessional Multilateral official creditors are official agencies financing arm of the World Bank Group. IDA also owned or governed by more than one country that provides grant financing to qualified borrowers. provide loan financing. They include international financial institutions such as the World Bank, IMF charges are the amounts of interest paid in regional development banks, and other intergov- foreign currency in the year specified for transac- ernmental agencies. tions with the IMF. Multilateral to external debt stocks is the ratio of IMF purchases are the total drawings on the the stock of debt owed to multilateral creditors to general resources account of the IMF during the total external debt. year specified, excluding drawings in the reserve tranche. Net flows on external debt are disbursements on long-term external debt and IMF purchases minus IMF repurchases are the amounts of principal principal repayments on long-term external debt (amortization) paid in foreign currency in the year and IMF repurchases. Up to 1984, this calcula- specified for transactions with the IMF. tion included only long-term external debt and IMF flows. Since 1985, the calculation includes International reserves constitute the sum of a the change in stock of short-term debt (excluding country’s monetary authority’s holdings of special interest arrears on long-term external debt). drawing rights, its reserve position in the IMF, its holdings of foreign exchange, and its holdings of Official creditors are governments or other bi- gold (valued at year-end London prices). lateral public entities, such as export-import agencies, development agencies, and multilateral Long-term external debt is debt that has an origi- financial institutions, such as the World Bank and nal or extended maturity of more than one year regional development banks. and that is owed to nonresidents by residents of an economy and is repayable in foreign currency, Personal transfers and compensation of employees goods, or services. is the sum of personal transfers and compensation of employees. Personal transfers consist of all cur- rent transfers in cash or in kind made or received
47 INTERNATIONAL DEBT STATISTICS 2018
by resident households to or from nonresident lic sector guarantee, owed to official and private households. Personal transfers thus include all lenders. current transfers between resident and nonresident individuals. Compensation of employees refers to Public and publicly guaranteed external debt the income of border, seasonal, and other short- comprises public debt (an external obligation of term workers who are employed in an economy a public debtor, such as the national government where they are not resident and of residents em- or agency, a political subdivision or agency, or an ployed by nonresident entities. autonomous public body) and publicly guaranteed external debt (an external obligation of a private Portfolio equity is the category of international debtor that is guaranteed for repayment by a pub- investment that covers investment in equity securi- lic entity). ties. Equity securities include shares, stocks, par- ticipation, or similar documents (such as American Public debt is an external obligation of a public Depositary Receipts) that usually denote owner- debtor, including the national government, a po- ship of equity. litical subdivision (or an agency of either), and autonomous public bodies. Present value of debt outstanding is the nominal value of all future debt service obligations on ex- Publicly guaranteed debt is an external obligation isting debt discounted at prevailing market rates of a private debtor that is guaranteed for repay- of interest. The interest rates used in this calcula- ment by a public entity. tion are the Commercial Interest Reference Rates (CIRR) for each relevant currency compiled and Reserves to external debt stocks is the ratio of in- published by the Organisation for Economic Co- ternational reserves to outstanding external debt. operation and Development. Reserves to imports (months) is the ratio of inter- Primary income on FDI are payments of direct national reserves to the value of imports of goods, investment income (debit side), which consist of services, and primary income in the year shown income on equity (dividends, branch profits, and and is expressed in months: reinvested earnings) and income on the intercom- pany debt (interest). Reserves Imports/12 Principal arrears on long-term debt are principal repayments due but not paid on long-term exter- Short-term external debt has an original maturity nal debt, shown on a cumulative basis. of one year or less. Available data permit no dis- tinction among public, publicly guaranteed, and Principal repayments are the amounts of principal private nonguaranteed short-term external debt. (amortization) paid in foreign currency, goods, or services in the year specified with respect to long- Short-term to external debt stock ratio is the ratio term external debt. of short-term external debt to total outstanding external debt. Private creditors are bondholders, commercial banks, and other trade-related lenders. Special Drawing Rights (SDRs) refer to an interna- tional reserve asset that was created by the IMF in Private nonguaranteed debt is debt owed by pri- 1969 to supplement its member countries’ official vate sector borrowers to external creditors on reserves. The value of SDRs is based on a basket of loans that do not benefit from a public sector four key international currencies: the U.S. dollar, guarantee by the debtor country. the pound sterling, the Japanese yen, and the euro. In addition to playing a role as a supplementary Public and publicly guaranteed debt outstanding reserve asset, SDRs serve as the unit of account for and disbursed is the value of debt at year’s end of the IMF and some other international organiza- public sector borrowers, or borrowers with a pub- tions.
48 Glossary
Technical cooperation grants include (a) free- standing technical cooperation grants, which are intended to finance the transfer of technical and managerial skills or of technology for the purpose of building up general national capacity without reference to any specific investment projects, and (b) investment-related technical cooperation grants, which are aimed at strengthening the ca- pacity to execute specific investment projects.
Total amount forgiven is the total amount of prin- cipal and interest due, principal and interest in ar- rears, and debt stock forgiven in the year specified. Total amount rescheduled is the total amount of external debt rescheduled, including principal and interest due, principal and interest in arrears, charges, penalties, and debt stock in the year speci- fied.
Total change in external debt stocks is the differ- ence in the external debt stock between two con- secutive years.
Use of IMF credit denotes members’ drawings on the IMF other than amounts drawn against the country’s reserve tranche position. Use of IMF credit includes purchases and drawings under Stand-By, Extended, Structural Adjustment, Enhanced Structural Adjustment, and Systemic Transformation Facility Arrangements as well as trust fund loans. SDR allocations are also included in this category.
49 INTERNATIONAL DEBT STATISTICS 2018
50 International DEBT Statistics 2018 edition of International Debt Statistics 2018 now now edition of International Debt Statistics 2018 and a select set of overview a coincided provides available while an expanded dataset is indicators, online (datatopics.worldbank.org/debt/ids). external in this book cover presented The table major economic debt stocks and flows, the currency and debt ratios, key aggregates, The text also composition of long-term debt. includes such information as country notes, table. for each and data sources definitions, longer online) features Country (available tables time series than detailed data for more and more as pipeline data as well 200 time series indicators, on existing for scheduled debt service payments commitments to 2024. Presentation and access to data have been refined been refined and access to data have Presentation printedThis the user experience. to improve 1818 H Street, NW 1818 DC 20433 USA Washington, 202 477 1234 Telephone: site: data.worldbank.org Web E-mail: [email protected] is a continuation is a continuation is unique in its coverage of the important and issues fundamental trends is unique in its coverage income countries. As in As in income countries. nternational Debt Statistics 2018 nternational Debt Statistics 2018 Global publications Bank’s World of the development community. World Bank open databases are available through the World Bank’s website, website, Bank’s World the through available Bank open databases are World community. development publications. go to publications Bank print publications, World information more For on databank. worldbank.org/ecommerce. World Bank. Bank. World International Debt Statistics 2018 resource report This is an indispensable and middle-income countries. to the financing of low- and the entire bankers, academics, financial consultants, investors, economists, for governments, external debt of 123 low- and middle-income and middle-income low- external debt of 123 countries and publicly that reportpublic Bank’s World guaranteed external debt to the In addition, Debtor Reporting System (DRS). spectrum the broader showcases this publication the of debt data collected and compiled by of International Debt Statistics is designed to user demand for timely, to respond in external data on trends debt comprehensive and middle in low- International Debt Statistics years, previous the showing statistical tables provides 2018 I II (1997 Volume Finance, Development Debt World 2009)through and the earlier edition This year’s 1996). through (1973 Tables